Eagle Materials Inc (EXP) · Nov 4, 2026 · Earnings

Eagle Materials earnings miss despite record revenue as margins slide

Miss — GAAP EPS $3.63 vs published consensus ~$3.82

Eagle Materials’ second-quarter earnings missed published expectations despite record revenue, as fuel, freight and operating costs pressured cement, aggregates and wallboard margins.

Eagle Materials is a U.S. cement, concrete, aggregates and wallboard producer using infrastructure and non-residential demand to offset soft housing, while modernizing its Mountain Cement and Duke, Oklahoma plants to lower costs and expand capacity. Those projects were already the longer-term story; this quarter shows the near-term operation is absorbing more pressure than the headline revenue record suggests.

Revenue beat, but the earnings miss is the more important signal. Revenue reached a record $652.7 million, about 3% above the published consensus near $633 million, but GAAP diluted EPS of $3.63 came in below published estimates of roughly $3.82-$4.07. That is a top-line beat without corresponding profit conversion, so the quarter lands as a miss rather than a clean positive.

Metric	Q2 FY2027	Q2 FY2026	Consensus
Revenue (Statement of Consolidated Earnings)	$652.7M (+2.2%)	$638.9M	~$633.1M
Diluted EPS (Statement of Consolidated Earnings)	$3.63 (-14.2%)	$4.23	~$3.82
Net earnings (Statement of Consolidated Earnings)	$111.5M (-18.8%)	$137.4M
Adjusted EBITDA (Reconciliation of Non-GAAP Measures)	$202.7M (-13.1%)	$233.3M
Heavy Materials operating earnings (Segment Results)	$113.0M (-12%)	$127.7M
Light Materials operating earnings (Segment Results)	$68.3M (-13%)	$78.3M

The core cement business is growing volume, not earnings. Cement volume reached a record 2.2 million tons and Heavy Materials revenue rose 2%, but Heavy Materials operating earnings fell 12%. Cement’s net selling price slipped to $154.58 per ton after freight, while higher fixed costs, raw materials and diesel-related transportation costs erased much of the benefit from demand.

Concrete and aggregates are the sharpest weak spot. Concrete and Aggregates revenue increased 7%, but operating earnings plunged 47% to $4.2 million as maintenance, diesel and production costs rose; aggregates volume also fell 6%. That combination suggests the problem is not simply demand, but poor cost absorption and operating leverage in the lower-margin businesses.

Wallboard volume improved, but pricing deteriorated. Gypsum Wallboard volume rose 7% to 696 million square feet, yet its average net sales price fell 10%, leaving Light Materials operating earnings down 13%. The volume resilience is useful, but the price-and-freight combination shows residential softness and transportation inflation are still limiting the payoff from stronger shipments. 〔0〕

Capital allocation remains active, but leverage moved the wrong way. Eagle repurchased $62 million of stock during the quarter and $146 million in the first half while continuing its plant modernization program. However, trailing adjusted EBITDA declined and net leverage rose to 2.1x from 1.9x at March 31, 2026, leaving less room for error if fuel costs or construction demand worsen.

Bottom line: Eagle is still growing shipments and revenue, but this quarter says cost inflation and weaker pricing are overwhelming that volume growth. The modernization story remains intact, yet current execution is modestly behind expectations rather than advancing it.

What to watch next

Mountain Cement kiln commissioning, late calendar 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Eagle Materials earnings miss despite record revenue as margins slide

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