Eagle Materials Inc (EXP) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Eagle Materials second-quarter of fiscal 2026 earnings conference call. Today's call is being recorded.

大家好，歡迎參加 Eagle Materials 2026 財年第二季財報電話會議。今天的通話將會被錄音。

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.

此時，我想把電話交給 Eagle 的總裁兼執行長 Michael Haack 先生。哈克先生，請繼續。

Thank you, Chris. Good morning. Welcome to Eagle Materials conference call for our second quarter of fiscal year 2026. This is Michael Haack. Joining me today are Craig Kesler, our Chief Financial Officer; and Alex Haddock, Senior Vice President of Investor Relations, Strategy, and Corporate Development.

謝謝你，克里斯。早安.歡迎參加 Eagle Materials 2026 財政年度第二季電話會議。這是邁克爾哈克。今天與我一同出席的有我們的財務長克雷格·凱斯勒，以及投資者關係、策略和企業發展高級副總裁亞歷克斯·哈多克。

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.

本次通話將附帶幻燈片簡報。如需觀看，請造訪 eaglematerials.com 並點擊網路直播連結。當您瀏覽投影片時，請注意，第一張投影片涵蓋了我們對本次電話會議中所作的前瞻性陳述的警示性揭露。

These statements are subject to risks and uncertainties that could cause 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. Thanks for joining us on today's call. I'm looking forward to discussing the details of our first half of fiscal 2026.

這些聲明存在風險和不確定性，可能導致實際結果與電話會議中討論的結果有所不同。如需了解更多信息，請參閱本披露文件，該文件也包含在我們的新聞稿末尾。感謝您參加今天的電話會議。我期待與大家討論2026財年上半年的具體細節。

I'll start by saying how proud I am of the Eagle team having achieved financial, operational, and safety performance we did this quarter, even as we felt the headwinds from the residential construction pullback. Financially, we were able to achieve record revenue of $639 million, gross margin of 31.3%, and deliver an EPS of $4.23.

首先，我要表達我對 Eagle 團隊的自豪之情，儘管我們受到了住宅建設放緩帶來的不利影響，但我們在本季度仍然取得了財務、營運和安全方面的出色表現。在財務方面，我們實現了創紀錄的 6.39 億美元收入、31.3% 的毛利率，並實現了 4.23 美元的每股盈餘。

Strategically, we made significant progress on our Laramie, Wyoming, plant modernization and expansion, and commenced construction of our Duke, Oklahoma, wallboard plant upgrade. I'll talk about both strategic capital investments more in a few minutes, as they tie directly to our capital allocation principles and value generation for our shareholders.

從戰略上看，我們在懷俄明州拉勒米工廠的現代化和擴建方面取得了重大進展，並開始建造俄克拉荷馬州杜克市的牆板廠升級改造項目。稍後我會更詳細地談談這兩項策略資本投資，因為它們與我們的資本配置原則以及為股東創造價值直接相關。

Turning to safety performance. The halfway point of our fiscal year is also a time when we reflect on our safety performance and prepare for our upcoming annual Health, Safety, and Environment or HSE Conference. Eagle Materials has a fantastic safety track record, consistently performing below the industry average for total recordable incident rates across all of our businesses.

接下來談談安全性效能。在財政年度過半之際，我們也會反思自身的安全績效，並為即將舉行的年度健康、安全和環境（HSE）會議做準備。Eagle Materials 擁有出色的安全記錄，旗下所有業務的總可記錄事故率始終低於行業平均水平。

While we are proud of the safety history, our goal is zero incidents. At this year's HSE Conference, we will focus on how we could capitalize on our momentum by being proactive and continuing our emphasis on leading indicators to drive further improvement. I'm excited to welcome our employees to our HSE Conference later this quarter. Thank you for -- to each and every one of you for everything you do to keep our people safe.

雖然我們為過往的安全記錄感到自豪，但我們的目標是零事故。在今年的 HSE 大會上，我們將重點討論如何利用我們目前的勢頭，積極主動地繼續重視領先指標，以推動進一步的改進。我很高興在本季度稍後歡迎我們的員工參加我們的 HSE 會議。感謝你們每一個人為保障人民安全所做的一切。

Next, let me comment on the business outlook for the remainder of our fiscal year and beyond, starting with the Heavy side of the business. We entered this calendar and fiscal year cautiously optimistic about potential volume recovery in Cement and Aggregates. In line with our expectations, our Cement and Aggregates volume increased for the second consecutive quarter and were up for the first half of the year.

接下來，我想談談本財年剩餘時間以及未來一段時間的業務前景，首先從重型設備業務說起。進入本財年，我們對水泥和骨材市場的潛在銷售復甦持謹慎樂觀態度。正如我們預期的那樣，我們的水泥和骨材銷售連續第二個季度成長，上半年銷售也實現了成長。

The backdrop for Cement and Aggregates volumes remains favorable for the remainder of our fiscal year for several factors. About 60% of the investment in the Infrastructure and Jobs Act or IIJA funds have yet to be spent. And all signs point to those IIJA dollars flowing into construction projects.

在本財年剩餘時間內，水泥和骨材銷售前景依然樂觀，這主要受以下幾個因素影響。《基礎設施和就業法案》（IIJA）基金中約有 60% 的投資尚未支出。種種跡象表明，IIJA的資金正在流入建築項目。

We also continue to believe private nonresidential construction dynamics should support cement consumption. Against the improving volume outlook for Cement and Aggregates, we have announced price increases across most of our markets effective January 1, 2026.

我們也繼續認為，私人非住宅建築的動態變化應該會支撐水泥的消費。鑑於水泥和骨材的銷售前景不斷改善，我們宣布自 2026 年 1 月 1 日起，在大多數市場提高價格。

Our views regarding residential construction activity, the primary driver for wallboard consumption remains more reserved in the near term. Volumes this quarter are affected by reduced demand due to high interest rates and affordability challenges.

短期內，我們對住宅建設活動（牆板消費的主要驅動因素）的看法仍然較為謹慎。本季銷量受到高利率和購買力下降導致的需求減少的影響。

As the builders pulled back over the summer, our Wallboard volumes were impacted. The stability in Wallboard pricing, however, is the clearest evidence to date of the structural changes benefiting our business.

夏季期間，由於建築商減少了施工，我們的石膏板銷售受到了影響。然而，牆板價格的穩定性是迄今為止最清楚證明結構性變化有利於我們業務的證據。

The capacity reduction and steepening of the cost curve brought about by the decline in synthetic gypsum availability has kept capacity utilization rates reasonable, even in the challenging homebuilding environment that has persisted in the United States. The decades of underbuilding of homes should lead to mid- and long-term growth in wallboard demand.

由於合成石膏供應減少，產能下降，成本曲線陡峭化，即使在美國持續面臨嚴峻的房屋建造環境的情況下，產能利用率也保持在合理水平。過去幾十年來住房建設不足，應該會帶動牆板需求的中長期成長。

The obvious question that follows is often, when will housing turn? At Eagle, we do not obsess over near-term demand drivers. We run our businesses and invest in their long-term growth. Even in this more challenging market, we continue to generate meaningful excess free cash flow. And thus, we do obsess over how we best invest the cash to generate shareholder value.

隨之而來的顯而易見的問題通常是：房地產市場何時會迎來轉機？在 Eagle，我們不會過度關注短期需求驅動因素。我們經營業務並投資於其長期發展。即使在當前更具挑戰性的市場環境下，我們仍然能夠持續產生可觀的自由現金流。因此，我們非常關注如何才能最好地投資現金，從而為股東創造價值。

I'm excited about two organic growth investment projects we have underway, both of which currently are on budget and on schedule. Both projects are unique and compelling, albeit for different reasons. At our Laramie, Wyoming, cement plant, we are on track to complete our $430 million modernization and expansion project by the end of calendar 2026.

我對我們正在進行的兩個有機成長投資項目感到興奮，這兩個項目目前都在預算之內，並且按計劃進行。這兩個項目都很獨特且引人注目，儘管原因各不相同。位於懷俄明州拉勒米的工廠，我們正按計劃推進耗資 4.3 億美元的現代化和擴建項目，預計將於 2026 年底完成。

This project provides us with several unique advantages. Federal and state environmental regulations make it increasingly difficult to permit greenfield or brownfield cement capacity additions. And we have not seen any loosening of restrictions. The Laramie, Wyoming, plant is also one of the oldest and therefore, a higher-cost cement plant in our network.

這個項目為我們提供了幾個獨特的優勢。聯邦和州環境法規使得新建或改建水泥廠擴建產能的難度越來越高。我們尚未看到任何放鬆限制的跡象。位於懷俄明州拉勒米的這家工廠也是我們網路中歷史最悠久的水泥廠之一，因此也是成本較高的水泥廠。

Modern cement kiln technology is much more efficient than the 1960s vintage kilns currently used at our Laramie facility. This allows us to reduce our manufacturing cost by 25%. The new pre-heater, pre-calciner tower, and single-kiln system will replace the current long, dry two-kiln system.

現代水泥窯技術比我們拉勒米工廠目前使用的 20 世紀 60 年代的舊窯效率高得多。這樣一來，我們的製造成本就能降低25%。新的預熱器、預煅燒塔和單窯系統將取代目前長而乾的雙窯系統。

This will result in lower energy usage in the form of fuel and electricity, and allow us to use a significantly higher proportion of alternative fuels and natural gas while having meaningful savings on annual planned maintenance.

這將降低燃料和電力的能源消耗，使我們能夠使用更高比例的替代燃料和天然氣，同時在年度計劃維護方面節省大量資金。

We are undertaking a similar modernization project at our Southern Oklahoma wallboard facility. Again, much of the return is driven by the fact that our Duke, Oklahoma, wallboard plant is one of the oldest, highest-cost wallboard plants in our network.

我們在俄克拉荷馬州南部的牆板工廠也正在進行類似的現代化改造計畫。再次強調，大部分回報都源於這樣一個事實：我們位於俄克拉荷馬州杜克的石膏板廠是我們網路中歷史最悠久、成本最高的石膏板廠之一。

Upon completion, we will lower the per-unit cost of the wallboard production by about 20% by reducing electricity consumption, automating the production process, and lowering our annual maintenance needs. Importantly, when volume does recover, Laramie and Duke will be well positioned to capitalize on long-term growth drivers.

專案完成後，我們將透過減少電力消耗、實現生產過程自動化以及降低年度維護需求，使牆板生產的單位成本降低約 20%。重要的是，當銷量回升時，拉勒米和杜克將處於有利地位，能夠充分利用長期成長動力。

In tandem, with these projects, we continue to look for other high-growth, high-return, and high-impact projects. This includes M&A opportunities that meet our return criteria. We also continue to return capital prudently in the form of share repurchases while maintaining flexibility on our balance sheet.

同時，我們也持續尋找其他高成長、高回報、高影響力的項目。這包括符合我們回報標準的併購機會。我們繼續審慎地透過股票回購的方式返還資本，同時保持資產負債表的彈性。

With that, Craig, I'll turn it over to you.

克雷格，接下來就交給你了。

Thank you, Michael. Second-quarter revenue was a record $639 million, up 2% from the prior year. The increase was driven by higher Cement sales volume and the contribution from the recently acquired Aggregates businesses. Excluding the acquired businesses, consolidated revenue was up 1% from the prior year.

謝謝你，麥可。第二季營收達到創紀錄的 6.39 億美元，比上年同期成長 2%。成長主要得益於水泥銷售增加以及近期收購的骨材業務的貢獻。剔除收購的業務後，合併收入比上年成長 1%。

Second-quarter earnings per share was $4.23, down 1% from the second quarter of fiscal 2025. The quarterly EPS reflects lower net earnings, mostly the result of lower Wallboard sales volume, offset by a 4% reduction in fully diluted shares due to our share buyback program.

第二季每股收益為 4.23 美元，比 2025 財年第二季下降 1%。季度每股收益反映出淨利潤下降，這主要是由於牆板銷量下降所致，但由於我們的股票回購計劃導致完全稀釋股份減少 4%，部分抵消了這一影響。

Turning now to segment performance highlighted on the next slide. In our Heavy Materials sector, which includes our Cement and Concrete and Aggregates segments, revenue was up 11%, driven primarily by increased sales -- Cement sales volume and a 24% increase in Concrete and Aggregates revenue.

接下來，我們將討論下一張投影片中重點介紹的細分市場表現。在我們的重型材料部門（包括水泥、混凝土和骨材部門），收入成長了 11%，主要得益於銷售額的成長——水泥銷量成長，以及混凝土和骨材收入成長了 24%。

Record aggregate sales volume was up 103%, including the contribution from the recently acquired Aggregates businesses. Organic aggregate sales volume was up 35%. Operating earnings were also up 11%, primarily because of the 8% increase in Cement sales volume, which was partially offset by a 1% decline in net sales prices. We also have recently announced Cement price increases in most of our markets effective January 1, 2026.

總銷售額創歷史新高，成長 103%，其中包括最近收購的骨材業務的貢獻。有機骨材銷售量增加了35%。營業利潤也成長了 11%，主要是由於水泥銷量成長了 8%，但淨銷售價格下降了 1%，部分抵消了這一增長。我們最近也宣布，自 2026 年 1 月 1 日起，我們大部分市場的水泥價格將上調。

Moving to the Light Materials sector on the next slide. Second-quarter revenue in our Light Materials sector decreased 13% to $213 million, reflecting lower Wallboard sales volume and a 2% decrease in Wallboard sales prices. Operating earnings in the sector were down 20% to $78 million, primarily because of lower Wallboard sales volume.

下一頁將進入輕量材料領域。第二季度，我們輕質材料部門的收入下降了 13%，至 2.13 億美元，反映出牆板銷量下降以及牆板銷售價格下降了 2%。該行業的營業利潤下降了 20%，至 7,800 萬美元，主要原因是牆板銷量下降。

Looking now at our cash flow, we continue to generate strong cash flow and allocate capital in a disciplined way. During the second quarter, operating cash flow decreased 12% to $205 million, primarily reflecting working capital changes on tax payment timing. Capital spending increased to $109 million.

現在來看我們的現金流，我們繼續產生強勁的現金流，並以嚴謹的方式配置資本。第二季度，營運現金流下降 12% 至 2.05 億美元，主要反映了因稅款支付時間而導致的營運資金變化。資本支出增加至1.09億美元。

Most of this increase was associated with the modernization and expansion of our Mountain Cement plant and the project to modernize our Duke, Oklahoma, wallboard plant. Considering these two projects as well as our sustaining capital spending, we expect total company capital spending in fiscal '26 to be in the range of $475 million to $500 million.

這一增長主要與我們山地水泥廠的現代化和擴建以及俄克拉荷馬州杜克市牆板廠的現代化項目有關。考慮到這兩個項目以及我們持續的資本支出，我們預計公司在 2026 財年的總資本支出將在 4.75 億美元至 5 億美元之間。

During the quarter, we continued to distribute cash to shareholders while investing in the two growth projects. We repurchased approximately 396,000 shares for $89 million in addition to paying our quarterly dividends, returning a total of $97 million to shareholders in the second quarter. We have approximately 3.9 million shares remaining under our current repurchase authorization.

本季度，我們在繼續向股東派發現金的同時，也對兩個成長項目進行了投資。除了支付季度股息外，我們還以 8,900 萬美元的價格回購了約 396,000 股股票，第二季共向股東返還了 9,700 萬美元。根據我們目前的股票回購授權，我們還有大約 390 萬股剩餘。

Finally, a look at our capital structure, which continues to give us significant financial flexibility. At September 30, 2025, our net debt-to-cap ratio was 45%, and our net debt-to-EBITDA leverage ratio was 1.6 times. We ended the quarter with $35 million of cash on hand. Total committed liquidity at the end of the quarter was approximately $520 million. And we have no meaningful near-term debt maturities, giving us substantial flexibility.

最後，我們來看看我們的資本結構，它繼續為我們提供相當大的財務靈活性。截至 2025 年 9 月 30 日，我們的淨負債資本比率為 45%，淨負債 EBITDA 槓桿比率為 1.6 倍。本季末，我們手頭現金為3500萬美元。截至季末，已承諾流動資金總額約 5.2 億美元。而且我們近期沒有重大債務到期，這給了我們相當大的彈性。

Thank you for attending today's call. Chris, we'll now move to the question-and-answer session.

感謝您參加今天的電話會議。克里斯，現在我們進入問答環節。

(Operator Instructions) Trey Grooms, Stephens.

（操作說明）Trey Grooms，Stephens。

Hey, good morning, everyone. I guess, first off, on Wallboard volume, down almost 14% in the quarter after seeing some outperformance over the last few quarters. And I understand you guys are facing tougher comps now, and you had some easier comps earlier this year.

嘿，大家早安。首先，Wallboard 的交易量在本季下降了近 14%，此前幾季表現優異。我知道你們現在面臨著更艱難的比賽，而今年早些時候你們遇到的比賽則相對容易一些。

But if you could maybe talk about the Wallboard performance and a little more color within the quarter? And then kind of what drives the big swings that we've seen from one quarter to the next? And any color on, maybe directionally, how we should be thinking about the demand drivers here?

但您能否談談 Wallboard 的表現，並在本季提供一些更詳細的資訊？那麼，究竟是什麼因素導致了我們看到的季度間大幅波動呢？那麼，對於我們應該如何看待這裡的需求驅動因素，您有什麼看法，或者說，有什麼方向性的建議嗎？

Yeah. Thanks, Trey. Look, I think the first point is, there's no doubt we saw the production from the builders' pullback during the July, August timeframe. I think that was pretty well chronicled across the housing space. And so that, obviously, is the biggest driver of Wallboard demand. So we saw that during the quarter.

是的。謝謝你，特雷。你看，我認為第一點是，毫無疑問，我們在七、八月期間看到了建築商撤離造成的產量下降。我認為這一點在住房領域已經得到了相當充分的記錄。因此，很顯然，這是牆板需求的最大驅動因素。所以我們在本季看到了這一點。

And as you pointed out, quarter to quarter, we've -- you can have various reasons for outperformance, which we outperformed the first half of the year. So as I've always looked at these businesses on a trailing 12-month basis, we're in line, if not slightly ahead of the industry. Quarter-to-quarter shifts happen that can be more noise than anything.

正如你所指出的，從季度來看，我們——業績優異可能有多種原因，而我們上半年的業績就優於預期。因此，由於我一直以來都是以過去 12 個月的業績來衡量這些企業的，我們目前的業績與行業平均水平持平，甚至略微領先於行業平均水平。季度間的波動可能更多是噪音而非實際影響。

My point and interest as you look at where the demand is today for Wallboard across the United States is just shy on a trailing 12-month basis of 26 billion square feet. That is akin to the level of consumption in the US to the late '90s.

我的觀點和興趣在於，從目前美國對牆板的需求來看，過去 12 個月的需求量略低於 260 億平方英尺。這與美國上世紀90年代末期的消費水準類似。

So -- and we have 25% more people in this country than we did back then. And so as we think about the very near term, of course, the headlines around affordability, interest rates, grab a lot of attention. But as we think a little broader than that, we like our position. We're improving that position, and we are woefully under-consuming wallboard and under-built homes here in the US.

所以——我們現在國家的人口比那時多了25%。因此，當我們考慮近期問題時，當然，圍繞住房負擔能力和利率的新聞頭條會吸引許多人的注意。但如果我們把目光放得更遠一些，我們會對自己的立場感到滿意。我們正在改善這種情況，但美國對石膏板和劣質房屋的消耗量嚴重不足。

And -- yeah, that all makes a lot of sense. And kind of looking at the longer-term picture definitely looks bright. As we think about more kind of medium term, there's -- it can continue to be choppy possibly. And in that environment, so far, you guys have put up very, very stable Wallboard pricing even in the face of some pretty challenging operating environment with as far as demand goes.

是的，這一切都很有道理。從長遠來看，前景確實一片光明。當我們考慮中期發展時，情況可能會繼續動盪不安。在這種環境下，到目前為止，即使面對需求方面相當具有挑戰性的經營環境，你們的牆板定價仍然非常非常穩定。

And this quarter being an example of the resilience there, is that kind of still the same -- or your expectation still the same for Wallboard pricing being relatively stable as we look through this kind of near-term choppiness with what's going on with the demand environment?

本季就體現了這種韌性，那麼，在當前需求環境出現短期波動的情況下，您是否仍預期牆板價格會相對穩定？

Yeah. Look, it's always a balance. I think you've heard us say for years, we're more oriented to price than we are volume.

是的。你看，這始終是個平衡的問題。我想你們多年來都聽我們說過，我們更注重價格而不是銷售。

And look, there's lots of factors that have affected this industry over the last 15 years around raw material shortages and things like that, which I think have contributed to a much more stable environment. But it's a balance, and we've taken the approach of value over volume.

而且，在過去 15 年裡，有許多因素影響了這個產業，例如原料短缺等等，我認為這些因素促成了一個更穩定的環境。但這是一種平衡，我們採取的是價值優先於數量的方法。

Okay. And if I can sneak one more in there. Just with the Cement volume -- I mean, clearly, very, very strong -- if you could maybe talk about some of the drivers there. And you mentioned it remains favorable for the rest of the year. And is that kind of to say that you expect positive demand here to continue maybe through your fiscal year as we look at the Cement and Aggregates business? Thank you, guys.

好的。如果我能再偷偷加一個進去就好了。就水泥廠的銷量而言——我的意思是，顯然，銷量非常非常強勁——如果您能談談其中的一些驅動因素就好了。你也提到，這種情況在今年餘下的時間裡仍然有利。這是否意味著，就水泥和骨材業務而言，您預計積極的需求可能會持續到本財政年度結束？謝謝大家。

Yeah. Look, Trey, we came -- I think Michael mentioned it -- we came into the year cautiously optimistic around Cement volume. It's driven by infrastructure spending and private nonres. And those have continued to be strong demand drivers.

是的。聽著，特雷，我們──我想麥可也提到過──年初的時候，我們對水泥產量持謹慎樂觀態度。這是由基礎設施支出和私人非房地產投資推動的。這些因素一直都是強勁的需求驅動因素。

We saw that here in the last quarter, in the June quarter, continue to see it in the September quarter, as those infrastructure dollars actually start to benefit the business. It's delayed from what we would have anticipated, but nice to see. And volumes have continued to trend positive.

我們在上個季度，也就是六月的季度，看到了這種情況，九月的季度也繼續看到了這種情況，因為這些基礎設施資金實際上開始使企業受益。雖然比我們預期的要晚一些，但看到成品還是很開心的。成交量也持續保持成長動能。

So cautiously optimistic going forward that we would expect to see something similar. I mean, obviously, we're going to hit the winter months here shortly. But this construction season turned to be as good, if not better than what we had hoped for.

因此，我們對未來持謹慎樂觀態度，預計會看到類似的情況。我的意思是，很顯然，我們這裡很快就要進入冬季了。但就目前的情況來看，這個施工季即便沒有超出我們的預期，也至少和預期一樣好。

Very good. Thanks for taking my question, guys.

非常好。謝謝各位回答我的問題。

Brian Brophy, Stifel.

Brian Brophy，Stifel。

Hey, guys. This is Andrew, on for Brian. Thank you for taking my question. I just had one on the organic Aggregates volume, up 35% in the quarter. Are there any particular drivers or sort of one-time projects to call out there? And then also, is that a good run rate for how you're thinking about the next couple of quarters?

嘿，夥計們。我是安德魯，替布萊恩發言。感謝您回答我的問題。我剛剛看到有機骨材的成交量，本季成長了 35%。是否有特別的驅動因素或一次性項目需要特別指出？另外，您認為這樣的運行速度對於接下來幾季來說是否合理？

Yeah. So when we look at our Aggregate volumes, we've been consistently talking about kind of how we do our capital allocation. And Aggregates has always been something that's been an interest to us. During this last year, we've looked at both how we increase the capacity out of our current greenfield -- or our current operations and then also look at where we did the acquisitions.

是的。所以，當我們審視我們的總交易量時，我們一直在討論我們如何進行資本配置。我們一直對骨材很有興趣。在過去一年裡，我們既研究瞭如何提高現有綠地（或現有營運）的產能，也研究了我們在哪些方面進行了收購。

A lot of that growth, as Craig commented on, was from the acquisitions we made. However, 35% growth on our existing operations was also in there from some of the capital improvements we made. We're -- we'll continue to focus on that segment of the business.

正如克雷格所說，我們取得的許多成長都來自於我們所進行的收購。然而，我們現有業務 35% 的成長也得益於我們進行的一些資本改善。我們將繼續專注於該業務領域。

It's one that -- interested in growing over time if the right acquisitions come available. And if not, we will continue to look internally as we're doing in our cement and wallboard facilities, with our upgrade projects to maximize what we could do out of our existing reserves we have.

它有意在合適的收購機會出現後不斷發展壯大。如果不行，我們將繼續從內部著手，就像我們在水泥和牆板工廠所做的那樣，透過升級專案來最大限度地利用我們現有的儲備。

And then sort of along the same lines, but very strong profitability in that -- in Concrete and Aggregates in the quarter as well. Just wondering how you're thinking about margins there over the next couple of quarters? Thanks.

然後，情況也大致相同，混凝土和骨材業務在本季也取得了非常強勁的獲利能力。想了解一下您對未來幾季的利潤率有何看法？謝謝。

Yeah, Andrew, I think if you recall, we had had some -- I'm going to call them one-time things -- a year ago that we talked at length about, for example, a work stoppage and some other items. So this is -- and we had two acquisitions that completed in the prior year. And you've got a lot of one-time costs associated with those assets coming online for us.

是的，安德魯，我想如果你還記得的話，一年前我們曾就一些事情——我稱之為一次性事件——進行過深入討論，例如罷工和其他一些事項。所以，這是——而且我們在上一年完成了兩項收購。而且，這些資產上線後，我們還會產生許多一次性成本。

So that contributed to the prior year being down. This is a much more normal run rate. As Michael said, the acquisition we completed in January in Western Pennsylvania, very happy with that investment and the return on that investment.

所以這導致了上一年業績下滑。這才是更正常的運轉速度。正如邁克爾所說，我們一月份在賓州西部完成了一項收購，我們對這項投資及其回報感到非常滿意。

And so again, there'll be seasonality associated with this business as the two businesses we acquired, one near Pittsburgh and the other in Northern Kentucky. But very happy with how that business has performed coming into this year.

因此，這項業務也會有季節性，因為我們收購的兩家企業，一家在匹茲堡附近，另一家在肯塔基州北部。但我對這家公司今年以來的表現非常滿意。

Thank you.

謝謝。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Hey, thanks. Good morning, guys. Hey, I had a question on just Cement and the reported ASP, and any sort of factors to consider there. I've heard from some others about competitive pressures here and there. Also was just curious if there was any impact from oil well on the reported ASP. Obviously, that's been a softer market. Just hoping you could bridge that out.

嘿，謝謝。各位早安。嗨，我有個關於水泥價格和已公佈的平均售價的問題，想請教一下影響平均售價的因素。我從其他人那裡也聽說過一些競爭壓力。另外，我還想知道油井是否對報告的平均售價產生了任何影響。顯然，那裡的市場比較疲軟。只是希望你能解決這個問題。

Yeah, Brent, the -- today, given the footprint of Eagle Cement business, oil well cement has become a much smaller percentage of our business as we've diversified across the country. And I think as we've pointed out in the press release, pricing within the wholly owned business, so the vast majority of our business is actually pretty stable.

是的，布倫特，如今，鑑於鷹牌水泥業務的規模，隨著我們在全國範圍內多元化發展，油井水泥在我們業務中所佔的比例已經大大降低。正如我們在新聞稿中指出的那樣，全資子公司的定價，也就是我們絕大多數業務的定價，實際上相當穩定。

Texas, we saw some price degradation, but the rest of the market hung in there pretty well. And a lot of that, again, is driven off of two years, the calendar '23, calendar '24, having had down volume. So as I said earlier, it's been nice to see calendar '25 for us start to see year-over-year improvements.

德州的價格有所下跌，但其他地區的市場表現相當不錯。而且，很多原因還是在於 2023 年和 2024 年這兩年銷售下滑。正如我之前所說，很高興看到我們2025年的日曆開始出現年比改善。

And as Michael mentioned, we also do have price increase announcements out for the early part of calendar '26. A little early to speculate on the expected realization of those. But certainly, the volume improvement is the first step in that direction.

正如麥可所提到的，我們也有針對 2026 年初的價格上漲公告。現在就推測這些預期能否實現還為時過早。但可以肯定的是，音量的提升是朝著這個方向邁出的第一步。

Yeah. And then maybe just on the demand side of the equation, you mentioned the strength in infrastructure, clear factor here. What are your backlogs at your facilities and/or sort of customer discussions tell you about, call it, next six months, if you're able to see out that far? I'm just trying to get a feel beyond kind of this next quarter where the climate sits.

是的。然後，就需求方面而言，您提到了基礎設施的優勢，這顯然是一個重要因素。你們工廠的積壓訂單狀況和/或與客戶的溝通狀況能告訴你們未來六個月的狀況嗎？ （如果你們能預見那麼遠的話）我只是想了解接下來一個季度之後的市場氣候狀況。

Yeah. We don't carry a backlog like an E&C company would necessarily. But certainly, the conversations with customers gives you a good insight as best that you can about the look forward. And as we said, coming into this year, bidding activity was better for our customers.

是的。我們不像工程建設公司那樣有大量的積壓訂單。但可以肯定的是，與客戶的對話能讓你盡可能深入了解未來發展趨勢。正如我們所說，今年年初以來，客戶的競標活動情況更好。

Look, they're continuing to see private nonres starts, especially around data centers. And those type of activities improve. And so you never know when winter hits. So as you talk about the next six months, all -- you got to take that with the grain of salt as you get into the December, January, February timeframe. But certainly, I think customers have seen improved bidding activity this year and going into next year than they've seen in quite some time.

你看，他們持續看到私人非住宅計畫啟動，尤其是在資料中心附近。而且這類活動也會有所改善。所以你永遠不知道冬天什麼時候會來。所以，當你談論接下來的六個月時，所有的一切——當你談到十二月、一月、二月這段時間時，你都必須對此有所保留。但可以肯定的是，我認為客戶們已經看到今年以及明年競價活動比以往一段時間以來都要活躍得多。

Okay. Thank you.

好的。謝謝。

Anthony Pettinari, Citigroup.

安東尼佩蒂納裡，花旗集團。

Good morning. With Duke and Laramie, I was just wondering if there were updated thoughts on CapEx in fiscal '26. And understanding you don't give multiyear guidance, if there's any way to think about kind of step-up in '27 and maybe what it could look like in '28? And also just on One Big Beautiful Bill, if you can remind us sort of how that impacts Eagle as a cash taxpayer with the two big projects?

早安.關於 Duke 和 Laramie，我只是想知道 2026 財年的資本支出是否有最新的想法。我知道您不提供多年期的指導，但能否考慮一下 2027 年的發展趨勢，以及 2028 年的發展前景？另外，關於“一項宏偉法案”，您能否提醒我們一下，作為納稅大戶的鷹市，這兩個大項目將如何影響鷹市？

Yeah. Great questions, Anthony. Capital spending for fiscal '26, which we're halfway through, still expect to be $475 million to $500 million, which obviously a step-up from the last several years. Most of that's driven by the Mountain Cement and the Duke wallboard plant modernization.

是的。安東尼，問得好。2026 財年（目前已過半）的資本支出預計仍為 4.75 億美元至 5 億美元，顯然比過去幾年有所增加。這主要得益於 Mountain Cement 和 Duke 牆板廠的現代化。

The wallboard -- I'm sorry, the cement plant in Mountain is scheduled to be completed in late calendar '26. So call that our fiscal '27. So you'll have a full -- almost a full-year spend there. The Duke wallboard plant will also have a full year of spend in fiscal '27. But I would expect to see the total spending come down somewhat closer to the $400 million to $425 million in that range for fiscal '27.

牆板－抱歉，位於山區的水泥廠計畫於 2026 年底完工。所以，就把那一年稱為我們的2027財年吧。所以你將在那裡待上一整年——幾乎一整年。杜克牆板廠在 2027 財政年度也將有全年的支出。但我預計 2027 財年的總支出將略微下降到 4 億美元至 4.25 億美元之間。

Then the following year, fiscal '28, you'd see a pretty significant stepdown, as Mountain Cement would have finished. The Duke wallboard plant project is nearing completion. So that comes online the second half of calendar '27. So I'd expect to see that stair step down as we get into fiscal '28.

然後，到了第二年，也就是 2028 財年，你會看到相當大的下滑，因為 Mountain Cement 公司已經倒閉了。杜克州牆板廠工程即將完工。所以它將於 2027 年下半年上線。所以我預計，隨著我們進入 2028 財年，這個階梯會逐漸下降。

And look, balance sheet is in a great spot. We keep it in this 1.5 times debt-to-EBITDA ratio for a reason. It allows us to continue to make these good, long-term investments, but also manage for M&A and other investments that may come around.

你看，資產負債表狀況非常好。我們之所以將債務與 EBITDA 比率維持在 1.5 倍，是有原因的。它使我們能夠繼續進行這些良好的長期投資，同時也能應對可能出現的併購和其他投資機會。

Okay. That's very helpful. That's (multiple speakers) --

好的。那很有幫助。那是（多位發言者）——

And then, Anthony -- sorry -- on your (multiple speakers) yeah, the last part of your question. So what's really meaningful about the new tax bill is that you get to accelerate depreciation; meaning, you take the full depreciation of those investments when they're placed in service.

然後，安東尼——抱歉——關於你（多位發言者）是的，你問題的最後一部分。所以，新稅法的真正意義在於，它可以加速折舊；也就是說，當這些投資投入使用時，就可以享受全部折舊。

So for us, the Mountain Cement plant goes in service in fiscal '27, which would significantly reduce cash taxes paid in fiscal '27. And then similarly, the following year, as Duke comes online, that will also have an immediate deduction. So on a cash taxes paid basis, a very good benefit for us.

因此，對我們來說，Mountain Cement 工廠將於 2027 財年投入使用，這將大大減少 2027 財年繳納的現金稅。同樣地，第二年杜克大學上線後，也會立即產生扣減。因此，以現金繳稅方式計算，這對我們來說是一項非常好的福利。

Got it, got it. I'll turn it over.

明白了，明白了。我把它翻過來。

(Operator Instructions) Phil Ng, Jefferies.

（操作說明）Phil Ng，傑富瑞集團。

Hey, good morning, guys. It's [Jesse], on for Phil. Just on Cement, I wonder if you guys have like a view on what actual underlying demand is there. It's obviously probably not up 9%. But it's probably not down mid-singles last year, with a lot of cross-currents with weather. I'm just curious if you kind of had a view on what underlying demand actually looks like.

嘿，大家早安。是傑西，他要上菲爾了。就水泥產業而言，我想知道你們對實際的潛在需求有什麼看法。顯然不太可能上漲9%。但由於天氣等諸多因素的影響，今年的價格可能不會跌到去年的幾位。我只是好奇你對潛在需求的實際狀況有什麼看法。

Yes, it's interesting, Jesse. I mean, to your point, we've seen significant weather in the prior year that had an impact on volumes. What I would tell you is Cement demand typically grows in the 2% to 4% range, kind of a low single digit. That can be influenced by weather that -- those jobs don't get eliminated. They just get delayed.

是的，這很有意思，傑西。我的意思是，正如你所說，去年我們確實遇到了一些影響銷售的極端天氣。我想告訴你的是，水泥需求通常成長在 2% 到 4% 之間，算是比較低的個位數成長。天氣可能會影響這些工作崗位，導致這些工作崗位不會被取消。他們只是被耽擱了。

So that's about as -- if I look at it over a 20-, 25-year time period, that's about the range that I'd expect to see Cement demand grow. Part of that is seasonality. You have a finite construction season. There's only so many hours in the day and logistically, some of those challenges.

所以，如果我以 20 到 25 年的時間跨度來看，這大概就是我預期水泥需求成長的範圍。部分原因是季節性因素。施工季節是有限的。一天只有24小時，而且從實際操作層面來說，也存在一些挑戰。

But similarly to what we talked about with Wallboard earlier, Cement demand is in a very similar place. It's well below prior peaks and with a significant increase in the population in this country. So that's what gives us a lot of optimism in both of these businesses that we see upside on volumes over the next several years.

但與我們之前討論過的牆板情況類似，水泥的需求也處於非常相似的境地。雖然遠低於先前的峰值，但該國人口卻大幅成長。因此，我們對這兩個行業的前景都非常樂觀，我們認為未來幾年銷量都有很大的成長空間。

That's helpful. And then just a quick follow-up on kind of Cement mostly, but also in Wallboard. Any kind of big maintenance projects to call out over the next 12 months? I know you pulled forward quite a bit in Cement last year. But just anything else to call out that we should be aware of?

那很有幫助。然後簡單跟進一下水泥，但也包括牆板。未來12個月內是否有任何大型維修工程需要安排？我知道你去年在水泥產業取得了相當大的進步。還有其他需要注意的地方嗎？

No, I would expect to see the cadence of the big maintenance programs pretty similar to what we saw last year.

不，我預計大型維修專案的節奏將與去年大致相同。

Okay, great. I'll turn it over.

好的，太好了。我把它翻過來。

Jonathan Bettenhausen, Truist.

喬納森·貝滕豪森，真理論者。

Hey, guys. I'm on for [Keith]. Just one quick housekeeping item for me. The price increases, is that Wallboard as well, or is that just Cement?

嘿，夥計們。我上場了[基斯]我只需要處理一件家事。價格上漲，是指牆板的價格上漲，還是僅指水泥的價格上漲？

Just in Cement.

僅用於水泥。

Okay. Got it. Thank you.

好的。知道了。謝謝。

(Operator Instructions) And at this time, there are no further questioners in the queue. I'd like to turn the call back over to Michael Haack for any closing remarks.

（操作員指示）目前，佇列中沒有其他提問者了。我謹將電話交還給麥可·哈克，請他作總結發言。

Thank you, Chris. Our performance in the second quarter of fiscal 2026 was a result of consistent financial, operational, and safety discipline.

謝謝你，克里斯。我們在 2026 財年第二季的業績得益於持續的財務、營運和安全紀律。

We entered the second half of our fiscal year in a position of strength, focused on operational excellence and committed to continuing to invest in our assets, in our network, and most importantly, in our people.

我們以強勁的勢頭進入了本財年的下半年，專注於卓越運營，並致力於繼續投資於我們的資產、我們的網絡，最重要的是，我們的人才。

Thanks for joining the call today. We look forward to discussing results and progress on our modernization projects again next quarter.

感謝您今天參加電話會議。我們期待下個季度再次討論現代化專案的成果和進展。

Thank you. The conference has now concluded. You may now disconnect your lines, and have a pleasant day.

謝謝。會議已經結束。現在您可以斷開線路了，祝您有個愉快的一天。