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News Breaks
May 16, 2014
07:38 EDTEXPEagle Materials outlook still very positive despite miss, says Longbow
After Eagle Materials reported lower than expected Q4 EPS, Longbow notes that wallboard demand jumped 11% in April while cement volumes have also picked up into the current quarter. The firm cut its price target on the shares to $102 from $105 but keeps a Buy rating on the stock.
News For EXP From The Last 14 Days
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October 17, 2014
06:02 EDTEXPEagle Materials to acquire CRS Proppants for $225M
Eagle Materials announced that the company has entered into a definitive agreement to acquire CRS Proppants and its subsidiaries, including Great Northern Sand, a supplier of high-quality northern-white frac-sand to the energy industry. CRS Proppants’ operations include: A northern-white frac-sand mine and processing facility in Wisconsin that is currently being expanded from approximately one million to two million tons per year capacity; Existing long-term sales contracts with targeted customers for approximately 85% of the two million tons per year of capacity; UP rail-based trans-load network from the mine into the Permian and other target basins. The cash purchase price of approximately $225M is subject to adjustments for working capital and other items, and will be funded by operating cash flow and borrowings under Eagle’s bank credit facility. Revenues, EBITDA and earnings before income taxes from continuing operations for the nine-months through September 30, 2014 for CRS Proppants were $64.7M, $12.2M and $8.7M, respectively. The acquisition is expected to be immediately accretive and synergies of $5M are expected to be realized within the first 12 months. The acquisition will roughly double Eagle’s frac-sand production capacity and expand Eagle’s frac-sand reserves. Under the definitive agreement, the acquisition is subject to certain customary conditions, including clearance under the Hart-Scott-Rodino Act. The company currently expects that the acquisition will close during Eagle’s third fiscal quarter of the current year.

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