Eagle Reports Q3 Revenue of $556M

Reports Q3 revenue $556.0M, consensus $553.99M. CEO Michael Haack said, "Despite a mixed construction environment, Eagle's portfolio of businesses continued to perform well during the quarter, generating revenue of $556M, EPS of $3.22 and gross margins of 28.9%. While the residential construction market was challenged, federal, state, and local spending on public infrastructure projects and private non-residential construction remained elevated, supporting strong demand for our Heavy construction products. Our Cement sales volume was up 9% and our organic Aggregates sales volume increased 34%. During the quarter, we strengthened our financial position, issuing $750M of 10-year senior notes with an interest rate of 5.00%, which extended our total debt maturity schedule and increased committed liquidity. A portion of the proceeds were used to repay our bank credit facility. We also significantly increased our distribution of cash to shareholders, returning nearly $150M through our quarterly cash dividend and the repurchase of approximately 648,000 shares of our common stock. We ended the quarter with debt of $1.8B, net debt of $1.4B, and a net leverage ratio - net debt to Adjusted EBITDA - of 1.8x, giving us substantial financial flexibility that supports disciplined, value-enhancing capital allocation and long-term growth."