0001193125-26-323823
SEC filing营收创纪录但成本飙升致利润下滑，水泥量增价跌、墙板量价齐跌拖累整体盈利。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $651.0M | $634.7M | +3% |
| Gross Profit | $161.2M | $185.6M | -13% |
| Gross Margin | 25% | 29% | -400 bps |
| Operating Income | $131.7M | $157.9M | -17% |
| Net Income | $102.1M | $123.4M | -17% |
| Diluted EPS | $3.29 | $3.76 | -13% |
| Operating Cash Flow | $154.4M | $136.6M | +13% |
| Capex | $120.8M | $76.1M | +59% |
本季度营收创纪录达$651.0M，同比增长3%，主要受销量增长驱动（+$19.8M），但被售价下降（-$3.5M）部分抵消。然而，成本端压力显著，Cost of Goods Sold同比增长9%至$489.7M，其中operating costs增加$25.7M，主要来自Cement部门（+$16.8M）和Gypsum Wallboard（+$4.5M）。这导致Gross Profit下降13%至$161.2M，Gross Margin从29%收窄至25%。
盈利质量方面，Net Income下降17%至$102.1M，与Gross Profit降幅一致。但Operating Cash Flow表现强劲，同比增长13%至$154.4M，主要得益于营运资本改善（+$13.3M）和非现金项目（+$25.6M）。值得注意的是，Capex大幅增加59%至$120.8M，主要用于Mountain Cement和Duke石膏板厂的扩建项目，导致自由现金流承压。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Cement | $377.9M | +9% | $73.6M | 19% | 量增价跌，Mountain Cement意外停机致成本+$17.9M |
| Concrete and Aggregates | $80.7M | +4% | $4.0M | 5% | 价格提升但成本上升，Operating Earnings-35% |
| Gypsum Wallboard | $204.7M | -8% | $73.4M | 36% | 量价齐跌，ASP-10%至$209.65/MSF |
| Recycled Paperboard | $55.4M | +8% | $13.1M | 24% | 价格与销量双升，margin+5pct |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & Cash Equivalents | $233.5M | -$64.4M |
| Total Debt | $1,777.5M | -$3.8M |
| Inventory | $379.6M | -$28.8M |
| Operating Cash Flow | $154.4M | +$17.7M |
| Capex | $120.8M | +$44.7M |
Net Debt = Total Debt - Cash = $1,777.5M - $233.5M = $1,544.0M。Debt-to-capitalization ratio为54.5%，net-debt-to-capitalization ratio为50.9%。
资本配置：本季度回购$83.8M（406,500股），剩余授权2,523,372股；股息维持$0.25/股，共支付$8.0M。债务方面，仅偿还Term Loan $3.8M，无新增借款。
前瞻指引：FY27 Capex预计$490.0M-$525.0M，重点投向Mountain Cement和Duke石膏板厂扩建。
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