A strong fourth quarter, ending March 31, has led to record full-year results for global building products giant James Hardie Industries.
Full-year net sales were up 4% from FY23, at a record $US3.9 billion, with fourth-quarter sales hitting a record $US1 billion — a 9% gain on the prior fourth quarter.
Sales increased most in the company’s North American Fibre Cement arm, followed by its Asia Pacific arm and flat sales in its Europe business.
Full-year adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at a record $US1.1 billion, with an adjusted EBITDA margin of 28.6%. Full-year adjusted net income was a record $US707.5 million, up 17%.
"Proof points"
James Hardie CEO Aaron Erter said, "Our team’s focus remains simple: working safely, partnering with our customers, managing decisively and controlling what we can control. This focus has enabled us to deliver a strong fourth quarter and fiscal year for Adjusted Net Income."
“I believe our fiscal year results are proof points that we are accelerating through this cycle and taking share.”
Housing markets “uncertain”
Despite the strong quarterly and full-year results the company expects lower profit in FY25.
The outlook for housing markets globally “continues to remain uncertain”, and JHX expects a slight dip or flat results for the first quarter of FY25, led by a small dip in earnings in its largest North American market. It expects adjusted net income for FY25 to range between US$630 million to US$700 million.
Erter added, “We have a superior value proposition that helps our customers grow profitably and be successful. Our team is focused on maintaining momentum and consistency to deliver strong financial results again in fiscal year 2025 as highlighted by our guidance range provided today. We are homeowner-focused, customer and contractor driven, providing the entire value chain with world-class products and services."