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Eagle Materials Reports Record Third Quarter Results With 26% EPS Growth

Eagle Materials Inc. (NYSE: EXP) today reported financial results for the third quarter of fiscal 2023 ended December 31, 2022. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal third quarter):

Third Quarter Fiscal 2023 Highlights

  • Record Revenue of $511 million, up 10%
  • Record Net Earnings of $117 million, up 14%, and Net Earnings per share of $3.20, up 26%
  • Adjusted EBITDA of $199 million, up 14%
    • Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6
  • Repurchased 824,000 shares of Eagle’s common stock for $103 million

Commenting on the results, Michael Haack, President and CEO, said, “We are pleased to announce another exceptional quarter at Eagle. In the third quarter, we achieved record revenue of $511 million and record EPS of $3.20, and we expanded gross margins by 110 bps to 31.0%. Third quarter performance was led by our Gypsum Wallboard business, in which margins expanded 400 bps. Construction activity remained healthy across our markets, despite delayed projects in the Midwest and Texas due to wet and extreme cold weather, which affected cement production and shipments. Utilization rates remained high across our network. During the quarter, we generated strong free cash flow and repurchased 824,000 shares of our common stock. Cash returned to shareholders in the quarter was approximately $113 million, bringing total cash returned to $342 million in the first nine months of the fiscal year.”

“We also continued to make strides towards our environmental stewardship goals, including expanding the production and sale of our eco-friendly Portland Limestone Cement during the quarter.”

Mr. Haack concluded, “Eagle’s heartland geographic footprint is well-positioned for long-term growth, supported by population-growth trends, shortages of residential units, and a multi-year federal highway bill further enhanced by state-level infrastructure spending. In the near term, we expect the strength in private non-residential and infrastructure construction activity to lessen the impact of affordability-driven headwinds in single-family residential construction.”

Segment Financial Results

Heavy Materials: Cement, Concrete and Aggregates

Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was up 3% to $311 million. Heavy Materials operating earnings declined 11% to $75 million, primarily because of lower Cement sales volume partially offset by higher Cement net sales prices. Cement sales volume was affected by lower cement inventory levels compared with the prior-year period as well as difficult weather conditions during this quarter.

Cement revenue for the quarter, including Joint Venture and intersegment revenue, was down 2% to $256 million, and operating earnings were down 9% to $72 million. The decline reflects lower Cement sales volume partially offset by higher net sales prices. The average net Cement sales price for the quarter increased 13% to $134.36 per ton. Cement sales volume for the quarter was 1.7 million tons, down 13% versus the prior-year period.

Concrete and Aggregates revenue increased 30% to $55 million, reflecting higher sales volume and Concrete pricing as well as the contribution of approximately $10 million from the acquired business in northern Colorado. Operating earnings for Concrete and Aggregates decreased 35% to $3 million, primarily reflecting higher input costs.

Light Materials: Gypsum Wallboard and Paperboard

Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 23% to $235 million, reflecting higher Wallboard and Paperboard sales volume and prices. Gypsum Wallboard sales volume increased 5% to 728 million square feet (MMSF), while the average Gypsum Wallboard net sales price increased 25% to $238.51 per MSF.

Paperboard sales volume for the quarter was down 5% to 77,000 tons. The average Paperboard net sales price was $594.93 per ton, up 2%, consistent with the pricing provisions in our long-term sales agreements.

Operating earnings in the sector were $95 million, up 51%, reflecting increased Wallboard sales volume and pricing and a sharp reduction in raw material costs, notably recycled fiber.

Details of Financial Results

We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenue as part of a segment’s total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Paperboard and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in Dallas, Texas.

Eagle’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, January 26, 2023. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; fluctuations in public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; the availability and fluctuations in the cost of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil, and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (for example, spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions or the nature or level of activity in any one or more of the markets or industries in which the Company or its customers are engaged; severe weather conditions (such as winter storms, tornados and hurricanes) and their effects on our facilities, operations and contractual arrangements with third parties; competition; cyber-attacks or data security breaches; increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; the availability of acquisitions or other growth opportunities that meet our financial return standards and fit our strategic focus; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions, including inflation and recessionary conditions; and changes in interest rates and the resulting effects on the Company and demand for our products. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) or the cost of our raw materials could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on economic conditions, capital and financial markets. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.

Attachment 1 Statement of Consolidated Earnings

Attachment 2 Revenue and Earnings by Lines of Business

Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

Attachment 4 Consolidated Balance Sheets

Attachment 5 Depreciation, Depletion and Amortization by Lines of Business

Attachment 6 Reconciliation of Non-GAAP Financial Measures

Attachment 1

 

Eagle Materials Inc.

Statement of Consolidated Earnings

(dollars in thousands, except per share data)

(unaudited)

 

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Revenue

$

511,487

 

 

$

462,941

 

 

$

1,677,942

 

 

$

1,448,405

 

 

 

 

 

 

 

 

 

Cost of Goods Sold

 

352,717

 

 

 

324,355

 

 

 

1,174,067

 

 

 

1,027,967

 

 

 

 

 

 

 

 

 

Gross Profit

 

158,770

 

 

 

138,586

 

 

 

503,875

 

 

 

420,438

 

 

 

 

 

 

 

 

 

Equity in Earnings of Unconsolidated JV

 

11,377

 

 

 

8,555

 

 

 

23,631

 

 

 

24,785

 

Corporate General and Administrative Expenses

 

(12,497

)

 

 

(12,851

)

 

 

(37,944

)

 

 

(32,986

)

Loss on Early Retirement of Senior Notes

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,407

)

Other Non-Operating Income

 

2,210

 

 

 

3,207

 

 

 

911

 

 

 

5,941

 

 

 

 

 

 

 

 

 

Earnings before Interest and Income Taxes

 

159,860

 

 

 

137,497

 

 

 

490,473

 

 

 

409,771

 

 

Interest Expense, net

 

(8,932

)

 

 

(5,651

)

 

 

(24,842

)

 

 

(24,891

)

 

 

 

 

 

 

 

 

Earnings before Income Taxes

 

150,928

 

 

 

131,846

 

 

 

465,631

 

 

 

384,880

 

 

Income Tax Expense

 

(33,744

)

 

 

(29,367

)

 

 

(104,447

)

 

 

(84,949

)

 

 

 

 

 

 

 

 

Net Earnings

$

117,184

 

 

$

102,479

 

 

$

361,184

 

 

$

299,931

 

 

 

 

 

 

 

 

 

NET EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

Basic

$

3.23

 

 

$

2.56

 

 

$

9.72

 

 

$

7.30

 

Diluted

$

3.20

 

 

$

2.53

 

 

$

9.66

 

 

$

7.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE SHARES OUTSTANDING

 

 

 

 

 

 

 

 

 

 

 

Basic

 

36,336,056

 

 

 

40,049,456

 

 

 

37,149,927

 

 

 

41,096,702

 

Diluted

 

36,605,982

 

 

 

40,458,049

 

 

 

37,395,586

 

 

 

41,493,339

 
Attachment 2

 

Eagle Materials Inc.

Revenue and Earnings by Lines of Business

(dollars in thousands)

(unaudited)

   

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Revenue*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

 

 

 

 

 

Cement (Wholly Owned)

$

220,974

 

 

$

228,448

 

 

$

754,853

 

 

$

724,354

 

Concrete and Aggregates

 

55,176

 

 

 

42,384

 

 

 

186,407

 

 

 

139,888

 

 

 

276,150

 

 

 

270,832

 

 

 

941,260

 

 

 

864,242

 

 

 

 

 

 

 

 

 

 

Light Materials:

 

 

 

 

 

 

 

 

Gypsum Wallboard

 

212,016

 

 

 

163,584

 

 

 

652,981

 

 

 

502,836

 

Gypsum Paperboard

 

23,321

 

 

 

28,525

 

 

 

83,701

 

 

 

81,327

 

 

 

235,337

 

 

 

192,109

 

 

 

736,682

 

 

 

584,163

 

 

 

 

 

 

 

 

 

 

Total Revenue

$

511,487

 

 

$

462,941

 

 

$

1,677,942

 

 

$

1,448,405

 

 

 

 

 

Segment Operating Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heavy Materials:

 

 

 

 

 

 

 

Cement (Wholly Owned)

$

60,938

 

 

$

71,281

 

 

$

209,811

 

 

$

206,348

 

Cement (Joint Venture)

 

11,377

 

 

8,555

 

 

 

23,631

 

 

 

24,785

 

Concrete and Aggregates

 

2,692

 

 

4,115

 

 

 

15,700

 

 

 

16,998

 

 

 

75,007

 

 

83,951

 

 

 

249,142

 

 

 

248,131

 

 

 

 

 

 

 

 

 

Light Materials:

 

 

 

 

 

 

 

Gypsum Wallboard

 

87,335

 

 

60,841

 

 

 

261,164

 

 

 

190,425

 

Gypsum Paperboard

 

7,805

 

 

2,349

 

 

 

17,200

 

 

 

6,667

 

 

 

95,140

 

 

63,190

 

 

 

278,364

 

 

 

197,092

 

 

 

 

 

 

 

 

 

Sub-total

 

170,147

 

 

147,141

 

 

 

527,506

 

 

 

445,223

 

 

 

 

 

 

 

 

 

Corporate General and Administrative Expense

 

(12,497

)

 

(12,851

)

 

 

(37,944

)

 

 

(32,986

)

Loss on Early Retirement of Senior Notes

 

-

 

 

-

 

 

 

-

 

 

 

(8,407

)

Other Non-Operating Income

 

2,210

 

 

3,207

 

 

 

911

 

 

 

5,941

 

 

 

 

 

 

 

 

 

Earnings before Interest and Income Taxes

$

159,860

 

 

$

137,497

 

 

$

490,473

 

 

$

409,771

 

  

 

* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3

Attachment 3

 

Eagle Materials Inc.

Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue

(unaudited)

     

 

Sales Volume

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cement (M Tons):

 

 

 

 

 

 

 

 

 

 

 

 

 

Wholly Owned

1,527

 

1,748

 

-13

%

 

5,313

 

5,583

 

-5

%

Joint Venture

172

 

215

 

-20

%

 

524

 

614

 

-15

%

 

1,699

 

1,963

 

-13

%

 

5,837

 

6,197

 

-6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Concrete (M Cubic Yards)

353

 

317

 

+11

 

1,210

 

1,063

 

+14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregates (M Tons)

626

 

341

 

+84

%

 

2,333

 

1,183

 

+97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gypsum Wallboard (MMSFs)

728

 

695

 

+5

 

2,309

 

2,194

 

+5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paperboard (M Tons):

 

 

 

 

 

 

 

 

 

 

 

 

 

Internal

39

 

36

 

+8

 

115

 

109

 

+6

External

38

 

45

 

-16

%

 

131

 

143

 

-8

%

 

77

 

81

 

-5

%

 

246

 

252

 

-2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Net Sales Price*

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

2022

 

2021

 

Change

 

2022

 

2021

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

Cement (Ton)

$

134.36

 

$

118.44

 

+13%

 

$

131.44

 

$

117.49

 

+12%

Concrete (Cubic Yard)

$

134.42

 

$

122.36

 

+10%

 

$

132.46

 

$

120.17

 

+10%

Aggregates (Ton)

$

11.70

 

$

10.38

 

+13%

 

$

11.21

 

$

10.25

 

+9%

Gypsum Wallboard (MSF)

$

238.51

 

$

191.41

 

+25%

 

$

230.01

 

$

186.16

 

+24%

Paperboard (Ton)

$

594.93

 

$

585.54

 

+2%

 

$

603.73

 

$

535.55

 

+13%

 

*Net of freight and delivery costs billed to customers.

 

Intersegment and Cement Revenue

 

Quarter Ended

December 31,

 

Nine Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Intersegment Revenue:

 

 

 

 

 

 

 

Cement

$

7,719

 

$

5,301

 

$

26,371

 

$

18,357

Paperboard

 

24,453

 

 

21,238

 

 

71,819

 

 

59,501

 

$

32,172

 

$

26,539

 

$

98,190

 

$

77,858

 

 

 

 

 

 

 

 

Cement Revenue:

 

 

 

 

 

 

 

Wholly Owned

$

220,974

 

$

228,448

 

$

754,853

 

$

724,354

Joint Venture

 

27,620

 

 

27,406

 

 

79,065

 

 

77,023

 

$

248,594

 

$

255,854

 

$

833,918

 

$

801,377

Attachment 4

 

Eagle Materials Inc.

Consolidated Balance Sheets

(dollars in thousands)

(unaudited)

 

 

December 31,

 

March 31,

 

2022

 

2021

 

2022*

ASSETS

 

 

 

 

 

 

Current Assets –

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

60,937

 

 

$

17,392

 

 

$

19,416

 

 

Accounts and Notes Receivable, net

 

 

172,543

 

 

 

170,661

 

 

 

176,276

 

 

Inventories

 

 

247,155

 

 

 

211,978

 

 

 

236,661

 

 

Federal Income Tax Receivable

 

 

5,466

 

 

 

8,890

 

 

 

7,202

 

 

Prepaid and Other Assets

 

 

5,177

 

 

 

6,426

 

 

 

3,172

 

 

Total Current Assets

 

 

491,278

 

 

 

415,347

 

 

 

442,727

 

 

 

 

 

 

 

 

Property, Plant and Equipment, net

 

 

1,641,638

 

 

 

1,626,990

 

 

 

1,616,539

 

Investments in Joint Venture

 

 

85,268

 

 

 

79,434

 

 

 

80,637

 

Operating Lease Right of Use Asset

 

 

20,651

 

 

 

23,923

 

 

 

23,856

 

Notes Receivable

 

 

8,556

 

 

 

8,486

 

 

 

8,485

 

Goodwill and Intangibles

 

 

467,703

 

 

 

389,002

 

 

 

387,898

 

Other Assets

 

 

15,076

 

 

 

16,939

 

 

 

19,510

 

 

 

$

2,730,170

 

 

$

2,560,121

 

 

$

2,579,652

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current Liabilities –

 

 

 

 

 

 

 

Accounts Payable

 

$

106,571

 

 

$

99,465

 

 

$

113,679

 

 

Accrued Liabilities

 

 

85,723

 

 

 

87,206

 

 

 

86,754

 

 

Current Portion of Long-Term Debt

 

 

10,000

 

 

 

-

 

 

 

-

 

 

Operating Lease Liabilities

 

 

6,006

 

 

 

7,004

 

 

 

7,118

 

 

Total Current Liabilities

 

 

208,300

 

 

 

193,675

 

 

 

207,551

 

 

 

 

 

 

 

 

Long-term Liabilities

 

 

62,545

 

 

 

67,578

 

 

 

67,911

 

Bank Credit Facility

 

 

130,000

 

 

 

100,000

 

 

 

200,000

 

Bank Term Loan

 

 

185,000

 

 

 

-

 

 

 

-

 

2.500% Senior Unsecured Notes due 2031

 

 

739,215

 

 

 

737,949

 

 

 

738,265

 

Deferred Income Taxes

 

 

239,596

 

 

 

238,671

 

 

 

232,369

 

Stockholders’ Equity –

 

 

 

 

 

 

 

Preferred Stock, Par Value $0.01; Authorized 5,000,000

 

 

 

 

 

 

 

Shares; None Issued

 

 

-

 

 

 

-

 

 

 

-

 

 

Common Stock, Par Value $0.01; Authorized 100,000,000

Shares; Issued and Outstanding 36,242,274; 39,766,043 and

38,710,929 Shares, respectively

 

 

362

 

 

 

398

 

 

 

387

 

Capital in Excess of Par Value

 

 

-

 

 

 

-

 

 

 

-

 

Accumulated Other Comprehensive Losses

 

 

(3,105

)

 

 

(3,359

)

 

 

(3,175

)

Retained Earnings

 

 

1,168,257

 

 

 

1,225,209

 

 

 

1,136,344

 

 

Total Stockholders’ Equity

 

 

1,165,514

 

 

 

1,222,248

 

 

 

1,133,556

 

 

 

$

2,730,170

 

 

$

2,560,121

 

 

$

2,579,652

 

 

*From audited financial statements

Attachment 5

 

Eagle Materials Inc.

Depreciation, Depletion and Amortization by Lines of Business

(dollars in thousands)

(unaudited) 

 

The following table presents Depreciation, Depletion and Amortization by lines of business for the quarters ended December 31, 2022 and 2021: 

 

 

Depreciation, Depletion and Amortization

 

Quarter Ended

December 31,

 

 

2022

 

2021

 

 

 

 

 

 

Cement

$

20,582

 

$

19,933

 

Concrete and Aggregates

 

4,402

 

 

2,294

 

Gypsum Wallboard

 

5,387

 

 

5,598

 

Paperboard

 

3,738

 

 

3,685

 

Corporate and Other

 

706

 

 

684

 

 

$

34,815

 

$

32,194

 

 

 

 

 

 

Attachment 6 

 

Eagle Materials Inc.

Reconciliation of Non-GAAP Financial Measures

(dollars in thousands)

(unaudited)

EBITDA and Adjusted EBITDA

We present Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA to provide more consistent comparison of operating performance from period to period. EBITDA is a non-GAAP financial measure that provides supplemental information regarding the operating performance of our business without regard to financing methods, capital structures or historical cost basis. Adjusted EBITDA is also a non-GAAP financial measure that further excludes the impact from non-routine items and stock-based compensation. Management uses EBITDA and Adjusted EBITDA as alternative bases for comparing the operating performance of Eagle from period to period and for purposes of its budgeting and planning processes. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as an alternative to net income, cash flow from operations or any other measure of financial performance or liquidity in accordance with GAAP. The following shows the calculations of EBITDA and Adjusted EBITDA and reconciles them to net earnings in accordance with GAAP for the quarters ended December 31, 2022 and 2021:

 
 

 

Quarter Ended

December 31,

 

 

2022

2021

 

 

 

 

 

Net Earnings, as reported

$

117,184

$

102,479

 

Income Tax Expense

 

33,744

 

29,367

 

Interest Expense

 

8,932

 

5,651

 

Depreciation, Depletion and Amortization

 

34,815

 

32,194

 

EBITDA

$

194,675

$

169,691

 

Stock-based Compensation

 

4,088

 

4,261

 

Adjusted EBITDA

$

198,763

$

173,952

 

 

Contacts

For additional information, contact at 214-432-2000.



Michael R. Haack

President and Chief Executive Officer



D. Craig Kesler

Executive Vice President and Chief Financial Officer



Robert S. Stewart

Executive Vice President, Strategy, Corporate Development and Communications

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