Eagle Materials Inc. (NYSE:EXP) Q3 2023 Earnings Conference Call January 26, 2023 8:30 AM ET

Company Participants

Michael R. Haack - President & CEO

Craig Kesler - EVP, Finance and Administration and Chief Financial Officer

Robert S. Stewart - EVP, Strategy, Corporate Development and Communications

Conference Call Participants

Trey Grooms - Stephens Inc.

Brent Thielman - D.A. Davidson

Anthony Pettinari - Citigroup

Jerry Revich - Goldman Sachs

Stanley Elliott - Stifel, Nicolaus & Company

Adam Thalhimer - Thompson, Davis & Company

Philip Ng - Jefferies LLC, Research Division

Tyler Brown - Raymond James

Keith Hughes - Truist Securities

Operator

Good day, everyone, and welcome to Eagle Materials Third Quarter of Fiscal 2023 Earnings Conference Call. This call is being recorded. [Operator Instructions].

At this time, I would like to turn the call over to Eagle's President and Chief Executive Officer, Mr. Michael Haack. Mr. Haack, please go ahead sir.

Michael R. Haack

Thank you, Drew. Good morning. Welcome to Eagle Materials conference call for our third quarter for fiscal 2023. This is Michael Haack. Joining me today are Craig Kesler, our Chief Financial Officer; and Bob Stewart, Executive Vice President of Strategy, Corporate Development, and Communications. We are glad you could be with us today.

There will be a slide presentation made in connection with this call. To access it, please go to eaglematerials.com and click on the link to the webcast. While you're accessing the slides, please note that the first slide covers our cautionary disclosure regarding forward-looking statements made during this call. These statements are subject to risks and uncertainties that could cause the results to differ from those discussed during the call. For further information, please refer to this disclosure, which is also included at the end of our press release.

I want to start my comments today by stating that this was a tremendous quarter for Eagle Materials financially, operationally, and strategically. Financially, we achieved record revenues, up 10% year-on-year, exceptional margins of 31%, EPS growth up 26%, which reflects the strength of our businesses and our continued pricing opportunities in every segment. This EPS growth also reflects our exceptional cash flows in excess of our operating growth and improvement needs. This enabled us to repurchase over $100 million in company shares this quarter, bringing our total cash return to shareholders over the last three years to nearly $1 billion.

Operationally, we achieved the best safety performance in company history in terms of both recordable injury rate and lost time injury rate. This achievement is one that I'm most proud of, as the result stems from years of focus from every employee at Eagle to ensure that we have a culture of protecting each other and caring for our fellow employees. We have consistently been well below industry averages on this metric, but this year we truly separated ourselves from our peers. I am proud of the Eagle team, the progress we have made, and want to personally thank everyone for their focus to achieve this result.