Eagle Materials 2024年度报告

Letter to Our Shareholders Dear Shareholders, Fiscal 2025Highlights Fiscal 2025 was a year of many accomplishments for Eagle Materials, and we areproud to highlight them even as we look forward to the year ahead. Amid a volatileeconomic backdrop, for the fourth consecutive year, the Eagle Materials teamdelivered record results, generating revenue of $2.3 billion and diluted earnings pershare of $13.77. Record Revenue of$2.3 billion Ourfinancial accomplishments this pastfiscal year were a direct result of ourstrategic and operational accomplishments, decisions, and investments. Eagle’ssteady focus on investing through cycles, not just for a point in the cycle, led to ourrecordfinancial performance infiscal 2025 and has positioned us to benefit fromindustry dynamics now and in the future. Gross Profit Margin of29.8% Record DilutedEarnings per Share$13.77 Positioned to Benefit from Industry Demand and Supply Dynamics We have a track record of outperformance, and we believe our disciplined focusand prudent investing philosophy will enable us to continue to outperform. As apurely domestic U.S. manufacturer with ownership of decades worth of rawmaterials reserves, we are also well-equipped to navigate a variety of possibleeconomic outcomes. Lowest TRIR incompany history Hazard observationreporting increased25% Even in periods of economic uncertainty as we currently are in, demand for ouressential construction products—cement, aggregates and wallboard—should holdsteady because the building and re-building of public infrastructure, residential, andnon-residential buildings remain a priority at the local, state, and federal levels. $332.0 millionreturned toshareholders throughdividends and sharerepurchases At the same time, capacity utilization should remain elevated because supply isconstrained by significant barriers to entry, including regulatory and environmentalrestrictions, necessaryfinancial investment, and limited access to low-cost rawmaterials. These barriers should keep capacity utilization rates across our corebusinesses at higher levels than we’ve seen historically. Eagle is well-positioned to benefit from these dynamics given the steady investmentswe have made to maintain our industry-leading operational performance and tosecure our advantaged raw materials reserves, especially in gypsum wallboard,where we are largely insulated from the synthetic gypsum cost and availabilitypressures faced by the rest of the industry. While we continuously assess how changes in the economy might affect ouroperations, we do not allow near-term headline noise surrounding the broadereconomy to divert our attention from operating efficiently every day. We remainfocused on maintaining our position as one of the lowest-cost producers in theindustry and advancing our strategic priorities and long-term value-creating initiatives.Focusing on operational efficiency and sustainability is deeply ingrained in ourorganizational culture, and this focus served us particularly well infiscal 2025. Letter to Our Shareholders (continued) High-Return, High-Impact Strategic Investments Eagle’s commitment to continuing to make investments that reinforce our advantagedlow-cost position allows us to capture the benefits of up-cycles and weather thechallenges of any down-cycles. Infiscal 2025, these investments included bothaccretive acquisitions and organic capital projects. Within Aggregates, a key Heavy Materials growth area for us, we acquired two pure-playaggregates operations–one in Kentucky and the other in Western Pennsylvania–thatenhance our ability to serve markets complementary to our existing footprint. Together,the two businesses will increase Eagle’s aggregates production capacity by 50%. In the Cement segment, the modernization and expansion of our Mountain cementplant to serve customers in the Northern Colorado area is ramping up and remainson schedule for completion in late 2026. In addition to expanding the plant’s capacityby 50% with an additional 400,000 tons, the upgrade will lower manufacturing costsat the plant by about 25% and reduce the plant’s CO2 intensity. Our Texas Lehighjoint venture also commissioned a new slag cement facility in Texas to extend ourability to meet cementitious materials demand throughout Texas. On the Light Materials side of our business, we have initiated a project to modernizeand expand our Duke, Oklahoma gypsum wallboard facility. Capitalizing on ourdecades-long natural gypsum reserves, the facility upgrade will strengthen Eagle’scompetitive position and ability to serve customers across key Southern and Sunbeltmarkets as the rest of the wallboard industry continues to struggle to sourcesynthetic gypsum. At our paper mill, which provides our wallboard business with nearly 100% of itsrecycled paper needs, we are nearing completion of our wastewater-reduction project,which lowered our water usage by over 30% infiscal 2025. When completed later thissummer, the wastewater tre