Stock Monitor: Cementos Pacasmayo Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 20, 2018 / Active-Investors.com has just released a free earnings report on Eagle Materials Inc. (EXP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EXP. Eagle Materials reported its third quarter fiscal 2018 operating and financial results on January 31, 2018. The maker of gypsum wallboard and cement exceeded earnings expectations and announced dividend distribution. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Cementos Pacasmayo S.A.A. (CPAC), which also belongs to the Industrial Goods sector as the Company Eagle Materials. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Eagle Materials most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the third quarter of fiscal 2018 ended December 31, 2017, Eagle Materials generated record revenues of $359.37 million, up 19% compared to revenues of $302.40 million in Q3 FY17. The Company's revenue numbers fell short of analysts' estimates by $7.72 million.
During Q3 FY18, Eagle Materials' gross profit improved 8% to $94.57 million on a y-o-y basis, reflecting the financial results of the recently acquired cement plant in Fairborn, Ohio and related assets (the Fairborn Business) and improved net sales prices across most businesses.
For Q3 FY18, Eagle Materials reported record net earnings of $101.38 million, or $2.08 per diluted share, compared to $56.39 million, or $1.17 per diluted share, in Q3 FY17, up 80% and 78% respectively. The Company's reported quarter results included a tax benefit of approximately $61 million, or $1.25 per share, primarily due to the remeasurement of Eagle Materials' deferred tax liabilities to lower statutory rates as a result of the Tax Cuts and Jobs Act enacted on December 22, 2017. The Company's results also included a $39 million pre-tax charge related to the settlement of its class action wallboard antitrust litigation. Eagle Materials' earnings beat Wall Street's estimates of $1.39 per share.
Eagle Materials' Segment Results
Cement, Concrete and Aggregates - During Q3 FY18, Cement revenues, including joint venture and intersegment revenues, totaled $161.6 million, which was 17% higher on a y-o-y basis. The average net sales price for the reported quarter was $106.83 per ton, 6% higher compared to the year ago same period. Total Cement's sales volumes for the quarter were 1.3 million tons, 12% greater than the year earlier quarter. Operating earnings from Cement were a record $52.52 million for Q3 FY18, up 16% compared to $45.31 million in Q3 FY17, driven primarily by earnings from the Fairborn Business and improved average net cement sales prices.
For Q3 FY18, the Concrete and Aggregates segment's revenues fell 5% to $38.5 million on a y-o-y basis. The segment's reported quarter operating earnings were $3.4 million, 26% below on a y-o-y basis, reflecting lower concrete and aggregates sales volumes.
Gypsum Wallboard and Paperboard - The Gypsum Wallboard and Paperboard segment's revenues totaled $162.61 million for Q3 FY18, reflecting growth of 11% compared to revenues of $146.87 million in Q3 FY17. The average Gypsum Wallboard's net sales price in the reported quarter was $151.13 per million square feet (MSF), down 1% on a y-o-y basis. Gypsum Wallboard's sales volumes were a third quarter record 709 MSF, representing a 10% increase on a y-o-y basis. Paperboard's sales volumes for Q3 FY18 also reported record revenue of $29.26 million, up 7% compared to the year ago same period. The average Paperboard's net sales price was $581.95 per ton in Q3 FY18, 11% higher on a y-o-y basis. Gypsum Wallboard and Paperboard segment reported Q3 FY18 operating earnings of $50.7 million, up 1% compared to the year period, reflecting improved Gypsum Wallboard and Paperboard's sales volumes and higher average Paperboard's net sales prices.
During Q3 FY18, Eagle Materials and its subsidiary, American Gypsum, entered into settlement agreements with counsel representing the direct and indirect purchaser classes to settle all claims made against the Company and American Gypsum. Pursuant to the settlement agreements, Eagle Materials and American Gypsum agreed to make payments totaling approximately $39 million. Both companies continue to deny all wrongdoing but settled to avoid further litigation expense, distraction of management, and the risk of litigation. Eagle Materials expects to make this cash payment in the next twelve months.
Oil and Gas Proppants - The Oil and Gas Proppants segment's revenue soared 208% to $21.9 million on a y-o-y basis, reflecting improved frac sand sales volumes and net sales prices. The segment's reported quarter operating loss of $1.0 million included depreciation, depletion, and amortization of $5.8 million.
On February 01, 2018, Eagle Materials' Board of Directors declared a quarterly cash dividend of $0.10 per share, payable on May 11, 2018, to stockholders of record of at the close of business on April 12, 2018.
Stock Performance Snapshot
February 16, 2018 - At Friday's closing bell, Eagle Materials' stock fell 3.59%, ending the trading session at $102.75.
Volume traded for the day: 780.28 thousand shares, which was above the 3-month average volume of 536.81 thousand shares.
Stock performance in the previous six-month period – up 15.11%
After last Friday's close, Eagle Materials' market cap was at $5.18 billion.
Price to Earnings (P/E) ratio was at 25.62.
The stock has a dividend yield of 0.39%.
The stock is part of the Industrial Goods sector, categorized under the Cement industry. This sector was up 0.2% at the end of the session.
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