Eagle Materials Inc (NYSE:EXP) stock fell 2.03% (As on May 22, 1:57:15 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the fourth quarter of FY 24. Heavy Materials segment reported fiscal fourth-quarter revenues of $238.1 million, which increased 5.4% from $225.9 million reported a year ago. Within the Heavy Materials umbrella, Cement’s revenues (excluding Joint Venture and intersegment revenue) rose 9.6% to $189.4 million from the year-ago quarter’s value of $172.8 million. The sales volume of Cement increased 2% year over year to 1,323 metric tons from 1,296 metric tons. Concrete and Aggregates’ revenues decreased 8.3% year over year to $48.7 million from $53.1 million. The sales volume of Concrete declined 19% to 273 metric cubic yards, while the same for Aggregates grew 22% to 702 metric tons on a year-over-year basis. The average net sales price for Cement (per cubic yard) and Aggregates (per ton) were $148.60 and $11.53, up 9% and down 12%, respectively, from the year-ago period’s tally.

Moreover, Light Materials segment’s revenues were $238.6 million, down 2.3% year over year from $244.2 million. Under the Light Materials’ umbrella, the quarterly revenues of Gypsum Wallboard were $210.2 million, down 4.2% from $219.5 million reported in the year-ago quarter. Recycled Paperboard’s revenues grew 14.6% year over year to $28.4 million from $24.7 million. The sales volume also reflected an uptrend of 8% to 86 metric tons from 80 metric tons reported in the year-ago quarter. On the other hand, the average net sales price per ton increased 3% to $567.55 from $550.52 reported in the prior year.

EXP in the fourth quarter of FY 24 has reported the adjusted earnings per share of $2.24, missing the analysts’ estimates for the adjusted earnings per share of $2.72. The company had reported the adjusted revenue growth of 1 percent to $467.7 million in the fourth quarter of FY 24, missing the analysts’ estimates for revenue of $478.6 million. The gross profit of Eagle Materials fell 11.6% year over year to $119.7 million. The gross margin was 25.1%, which deceased 370 bps year over year from 28.8%. Adjusted EBITDA of $154.4 million decreased 10% year over year. As of Mar 31, 2024, Eagle Materials had cash and cash equivalents of $34.9 million compared with $15.2 million at the fiscal 2023-end. Long-term debt was $71 million, up from $66.5 million as of the fiscal 2023-end.