Short answer
Eagle Materials Inc (EXP) filed its Q3 2018 10-Q quarterly report on Oct 30, 2018 for the quarter ended Sep 30, 2018.
Eagle Materials Inc Q3 2018 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $381.5M, up 1% YoY from $376.3M, driven by higher prices, partially offset by lower volume
- Gross margin approximately 26% vs 26% YoY; net earnings $72.6M vs $63.4M
- Best segment Gypsum Wallboard: revenue $129.6M, up 5%, operating margin 35%; worst Oil and Gas Proppants: revenue $19.1M, down 13%, operating loss $7.9M
- Operating cash flow $174.9M vs $152.7M; capital expenditures $93.4M and share repurchases $122.4M
- Outlook: modest construction-demand improvement, but wet weather, freight costs up 10% to 12%, and frac-sand pressure expected into calendar 2019
Risk Factors
- No material changes identified versus the most recent 10-K, based on the provided section
- Regulatory risk: CISWI Rule compliance date February 7, 2018, requiring significant emissions reductions for applicable cement kilns
- Near-term market risk: significant excess nameplate capacity in U.S. gypsum wallboard, pressuring product prices
- Financial risk: debt covenants could trigger accelerated repayment upon default or failure to meet required financial ratios
- Operational risk: peak-period weather or equipment failures could disproportionately reduce annual production, earnings, and cash flow
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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