Short answer
Eagle Materials Inc (EXP) filed its Q4 2018 10-Q quarterly report on Jan 29, 2019 for the quarter ended Dec 31, 2018.
Eagle Materials Inc Q4 2018 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Quarterly revenue $333.3M, down 7% YoY from $359.4M, driven by lower sales volume and prices
- Gross margin 24% vs prior-year figure not disclosed, gross profit $80.4M, down 15% YoY
- Best segment: Gypsum Wallboard operating earnings $43.5M, up 9%, margin 33%; worst: Oil and Gas Proppants loss $9.3M
- Operating cash flow $294.1M for nine months, up from $275.1M; capital expenditures $126.4M
- Share repurchases $191.8M, while management cited positive 2019 fundamentals and persistent proppants weakness into calendar 2019
Risk Factors
- No material changes identified from the 10-K; construction demand remains sensitive to residential, commercial, and infrastructure spending
- Regulatory risk: CISWI Rule compliance date February 7, 2018, requiring emissions reductions at cement kilns using non-hazardous secondary materials
- Near-term market risk: excess U.S. gypsum wallboard capacity could pressure commodity product prices
- Financial risk: debt covenant breaches could accelerate outstanding indebtedness and restrict refinancing
- Operational risk: peak-season weather disruptions could disproportionately reduce full-year 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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