James Hardie Delivers On First Quarter Results and Reaffirms Fiscal Year 2025 Guidance
James Hardie Industries plc (ASX / NYSE: JHX) reported solid Q1 FY25 results, achieving guidance with Adjusted Net Income of $178 million and record Q1 Adjusted EBITDA of $286 million. Key highlights include:
- Net Sales up 4% to $992 million
- Adjusted EBIT up 1% to $236 million
- Adjusted EBITDA margin of 28.8%
- North America Net Sales growth of 5%
The company reaffirmed its FY25 guidance, projecting North American volumes of 2.95-3.15 billion standard feet, North American EBIT margin of 29-31%, and Adjusted Net Income of $630-700 million. James Hardie maintains a strong financial position with nearly $1 billion in total liquidity and a leverage ratio of 0.66x.
James Hardie Industries plc (ASX / NYSE: JHX) ha riportato risultati solidi per il Q1 FY25, rispettando le previsioni con un Reddito Netto Rettificato di 178 milioni di dollari e un EBITDA Rettificato record di 286 milioni di dollari. Alcuni punti salienti includono:
- Vendite nette in aumento del 4% a $992 milioni
- EBIT rettificato in aumento dell'1% a $236 milioni
- Margine EBITDA rettificato del 28,8%
- Crescita delle vendite nette in Nord America del 5%
L'azienda ha riaffermato la sua guidance FY25, prevedendo volumi per il Nord America tra i 2,95 e i 3,15 miliardi di piedi standard, un margine EBIT del Nord America tra il 29% e il 31%, e un Reddito Netto Rettificato tra i 630 e i 700 milioni di dollari. James Hardie mantiene una forte posizione finanziaria con quasi 1 miliardo di dollari di liquidità totale e un rapporto di indebitamento di 0.66x.
James Hardie Industries plc (ASX / NYSE: JHX) reportó resultados sólidos para el Q1 FY25, cumpliendo con las expectativas al alcanzar un Ingreso Neto Ajustado de 178 millones de dólares y un EBITDA Ajustado récord de 286 millones de dólares. Los puntos destacados incluyen:
- Ventas netas incrementadas en un 4% a $992 millones
- EBIT ajustado incrementado en un 1% a $236 millones
- Margen EBITDA ajustado de 28.8%
- Crecimiento en Ventas Netas de América del Norte del 5%
La empresa reafirmó su guía FY25, proyectando volúmenes en América del Norte de 2.95-3.15 mil millones de pies estándar, un margen EBIT de América del Norte del 29-31%, y un Ingreso Neto Ajustado de 630-700 millones de dólares. James Hardie mantiene una fuerte posición financiera con casi 1 mil millones de dólares en liquidez total y un ratio de apalancamiento de 0.66x.
제임스 하디 산업 plc (ASX / NYSE: JHX)는 Q1 FY25 결과를 발표하며 조언을 준수하여 조정된 순이익 1억 7천8백만 달러와 기록적인 Q1 조정 EBITDA 2억 8천6백만 달러를 달성했습니다. 주요 내용은 다음과 같습니다:
- 순매출 4% 증가하여 $992 백만
- 조정 EBIT 1% 증가하여 $236 백만
- 조정 EBITDA 마진 28.8%
- 북미 순매출 5% 성장
회사는 FY25 가이던스를 재확인하며 북미 물량을 29.5-31.5억 표준 피트, 북미 EBIT 마진을 29-31%, 조정된 순이익을 6억 3천-7억 달러로 예상하고 있습니다. 제임스 하디는 거의 10억 달러의 총 유동성을 보유하고 있으며, 레버리지 비율은 0.66배로 강력한 재무 상태를 유지하고 있습니다.
James Hardie Industries plc (ASX / NYSE: JHX) a annoncé des résultats solides pour le Q1 FY25, atteignant ses prévisions avec un Revenu Net Ajusté de 178 millions de dollars et un EBITDA Ajusté record de 286 millions de dollars. Les points clés incluent :
- Ventes nettes en hausse de 4 % à $992 millions
- EBIT ajusté en hausse de 1 % à $236 millions
- Marge EBITDA ajustée de 28,8%
- Croissance des ventes nettes en Amérique du Nord de 5%
L'entreprise a réaffirmé ses prévisions FY25, projetant des volumes en Amérique du Nord de 2,95 à 3,15 milliards de pieds standards, une marge EBIT en Amérique du Nord de 29 à 31 % et un Revenu Net Ajusté de 630 à 700 millions de dollars. James Hardie maintient une solide position financière avec près d'un milliard de dollars de liquidités et un ratio d'endettement de 0,66x.
James Hardie Industries plc (ASX / NYSE: JHX) berichtete über solide Q1 FY25 Ergebnisse und erfüllte die Erwartungen mit einem Bereinigten Nettogewinn von 178 Millionen US-Dollar und einem Rekord Q1 Bereinigten EBITDA von 286 Millionen US-Dollar. Wichtige Höhepunkte sind:
- Nettoumsatz um 4% auf $992 Millionen gestiegen
- Bereinigtes EBIT um 1% auf $236 Millionen gestiegen
- Bereinigte EBITDA-Marge von 28,8%
- Umsatzwachstum in Nordamerika von 5%
Das Unternehmen bekräftigte seine FY25 Prognose und erwartet ein Nordamerika-Volumen von 2,95-3,15 Milliarden Quadratfuß, eine EBIT-Marge in Nordamerika von 29-31% und einen Bereinigten Nettogewinn von 630-700 Millionen US-Dollar. James Hardie hat eine starke Finanzlage mit fast 1 Milliarde US-Dollar an liquiden Mitteln und einem Verschuldungsgrad von 0,66x.
- Achieved Q1 guidance with Adjusted Net Income of $178 million, up 2% year-over-year
- Record Q1 Adjusted EBITDA of $286 million, up 2% year-over-year
- Net Sales increased 4% to $992 million
- North America segment saw 5% Net Sales growth with 31.2% EBIT margin
- Reaffirmed full-year FY25 guidance, demonstrating confidence in future performance
- Strong liquidity position with nearly $1 billion available
- Improved leverage ratio to 0.66x, marking 15 consecutive quarters at or below 1.0x
- Adjusted EBIT margin decreased 70 basis points to 23.8%
- Adjusted EBITDA margin declined 40 basis points to 28.8%
- Asia Pacific segment experienced a 2% decrease in Net Sales and 270 basis point decrease in EBIT margin
- Anticipating challenging market conditions in North America during Q2 FY25
- Operating cash flow decreased 27% to $185 million
James Hardie's Q1 FY25 results demonstrate resilience in a challenging market. The company achieved 4% net sales growth to
Key positives include North America's 5% net sales growth and strong EBIT margin of
The reaffirmation of FY25 guidance suggests management's confidence in navigating near-term headwinds. With a strong liquidity position and low leverage ratio of 0.66x, James Hardie is well-positioned for both organic growth and potential M&A opportunities.
James Hardie's performance amidst a challenging market environment is noteworthy. The company's expectation of a low to mid-single digit decline in the North American exterior products market for FY25 signals broader industry headwinds. However, James Hardie's ability to grow sales and maintain margins in this context suggests effective market positioning and operational efficiency.
The 8% net sales growth in Europe (in Euros) is particularly impressive, indicating strong market penetration and product acceptance. The high single-digit growth in high-value products in this region points to a successful premiumization strategy.
While the Asia Pacific segment saw a 9% volume decrease, primarily due to weak Australian demand, the
James Hardie's operational performance in Q1 FY25 reflects strong execution amid supply chain and inflationary pressures. The company's ability to maintain an Adjusted EBITDA margin of
The
However, the mention of start-up costs and asset impairment charges related to manufacturing equipment in North America warrants attention. These could be short-term headwinds as the company scales operations, but need to be monitored for any persistent issues in production ramp-up or equipment efficiency.
Achieves First Quarter Guidance, with Adjusted Net Income of
Record First Quarter Adjusted EBITDA of
Adjusted EBITDA Margin of
Average Net Sales Price Growth Across All Regions
North America First Quarter Net Sales Growth of +
Mr. Erter continued, “I am confident in our ability to deliver on our strong value proposition, which garners even greater appreciation from our customers in a challenging market environment. Our solid first quarter results, coupled with our continued execution against our strategic priorities underpins our confidence in reaffirming our full year guidance."
First Quarter Highlights (Q1 FY25 vs. Q1 FY24)
-
Net Sales of
, up +$992 million 4% -
Adjusted EBIT of
, up +$236 million 1% with Adjusted EBIT margin of23.8% , down -70bps -
Adjusted EBITDA of
, up +$286 million 2% with Adjusted EBITDA margin of28.8% , down -40bps -
Adjusted Net Income of
, up +$178 million 2% -
Adjusted Diluted EPS of
, up +$0.41 4%
James Hardie Chief Financial Officer, Rachel Wilson, said, “Our robust liquidity position and low leverage underscore the strength and flexibility of our financial position. We have nearly
Ms. Wilson continued, "Our strong margins lead to the generation of sustainable cash flow. This gives us flexibility to not only support our long-term growth aspirations, but also to enhance shareholder returns through further repurchases and the consideration of inorganic growth. Any potential inorganic growth opportunity would need to demonstrate an ability to accelerate our current strategy, enhance our value proposition to our customers, while adding long-term, financial value."
Market Outlook and Guidance
Speaking to the company's market outlook and financial guidance, Mr. Erter said, “I am proud of our teams for adapting to the challenging environment, delivering on our first quarter commitments and managing decisively to find opportunities to be more efficient as we prioritize our investments in scale and future growth."
Mr. Erter continued, "We continue to expect the North American market for exterior products to be down low to mid-single digits over the course of our fiscal year, and now anticipate that the market backdrop will be particularly challenging during our fiscal second quarter. However, despite these headwinds, we remain well-positioned to achieve full year results within the ranges we provided at the beginning of the year, and our teams are working relentlessly to leverage our strong value proposition to sustain our leading position in the industry and accelerate our outperformance as markets transition to recovery."
Q2 FY25 Guidance
- North American volumes to be in the range of 705 million to 735 million standard feet
-
North American EBIT margin to be in the range of
27.5% to29.5% -
Adjusted Net Income to be in the range of
to$135 million $155 million
Full Year FY25 Guidance
- North American Volumes: 2.95 to 3.15 billion standard feet (unchanged)
-
North American EBIT Margin:
29% to31% (unchanged) -
Adjusted Net Income:
to$630 million (unchanged)$700 million -
Capital Expenditures:
to$500 million (unchanged)$550 million
Note: Total Adjusted Net income guidance for the full year FY25 assumes
Segment Results and Capital Resources
First Quarter Segment Results (Q1 FY25 vs. Q1 FY24)
North America Fiber Cement
Net sales increased +
Asia Pacific Fiber Cement
Net sales decreased -
Europe Building Products
Net sales increased +
Capital Resources
Operating cash flow totaled
The Company repurchased 2.4 million shares of its common stock in the quarter at an average price of
Key Financial Information
|
Q1 FY25 |
|
Q1 FY24 |
|
Change |
|
Q1 FY25 |
|
Q1 FY24 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
Group |
(US$ millions) |
|
|
|
|
|
|
||||
Net Sales |
991.9 |
|
954.3 |
|
4 % |
|
|
|
|
|
|
EBIT |
235.4 |
|
233.9 |
|
|
|
|
|
|
|
|
Adjusted EBIT |
236.0 |
|
234.2 |
|
|
|
|
|
|
|
|
EBIT Margin (%) |
23.7 |
|
24.5 |
|
(0.8 pts) |
|
|
|
|
|
|
Adjusted EBIT Margin (%) |
23.8 |
|
24.5 |
|
(0.7 pts) |
|
|
|
|
|
|
Adjusted EBITDA |
285.8 |
|
279.1 |
|
|
|
|
|
|
|
|
Adjusted EBITDA Margin (%) |
28.8 |
|
29.2 |
|
(0.4 pts) |
|
|
|
|
|
|
Net Income |
155.3 |
|
157.8 |
|
( |
|
|
|
|
|
|
Adjusted Net Income |
177.6 |
|
174.5 |
|
|
|
|
|
|
|
|
Diluted EPS - US$ per share |
0.36 |
|
0.36 |
|
—% |
|
|
|
|
|
|
Adjusted Diluted EPS - US$ per share |
0.41 |
|
0.39 |
|
|
|
|
|
|
|
|
Operating Cash Flow |
185.1 |
|
252.3 |
|
( |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Fiber Cement |
(US$ millions) |
|
|
|
|
|
|
||||
Net Sales |
729.3 |
|
694.8 |
|
|
|
|
|
|
|
|
EBIT |
227.3 |
|
217.6 |
|
|
|
|
|
|
|
|
EBIT Margin (%) |
31.2 |
|
31.3 |
|
(0.1 pts) |
|
|
|
|
|
|
EBITDA |
263.4 |
|
250.3 |
|
|
|
|
|
|
|
|
EBITDA Margin (%) |
36.1 |
|
36.0 |
|
0.1 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific Fiber Cement |
(US$ millions) |
|
(A$ millions) |
||||||||
Net Sales |
135.3 |
|
140.1 |
|
( |
|
205.3 |
|
209.7 |
|
( |
EBIT |
41.2 |
|
46.5 |
|
( |
|
62.5 |
|
69.5 |
|
( |
EBIT Margin (%) |
30.4 |
|
33.1 |
|
(2.7 pts) |
|
30.4 |
|
33.1 |
|
(2.7 pts) |
EBITDA |
46.0 |
|
50.6 |
|
( |
|
69.7 |
|
75.6 |
|
( |
EBITDA Margin (%) |
34.0 |
|
36.1 |
|
(2.1 pts) |
|
34.0 |
|
36.1 |
|
(2.1 pts) |
|
|
|
|
|
|
|
|
|
|
|
|
Europe Building Products |
(US$ millions) |
|
(€ millions) |
||||||||
Net Sales |
127.3 |
|
119.4 |
|
|
|
118.2 |
|
109.7 |
|
|
EBIT |
12.2 |
|
11.8 |
|
|
|
11.4 |
|
10.8 |
|
|
EBIT Margin (%) |
9.6 |
|
9.8 |
|
(0.2 pts) |
|
9.6 |
|
9.8 |
|
(0.2 pts) |
EBITDA |
19.7 |
|
18.8 |
|
|
|
18.3 |
|
17.2 |
|
|
EBITDA Margin (%) |
15.5 |
|
15.7 |
|
(0.2 pts) |
|
15.5 |
|
15.7 |
|
(0.2 pts) |
Further Information
Readers are referred to the Company’s Condensed Consolidated Financial Statements and Management’s Analysis of Results for the first quarter ended June 30, 2024 for additional information regarding the Company’s results.
All comparisons made are vs. the comparable period in the prior fiscal year and amounts presented are in US dollars, unless otherwise noted.
Conference Call Details
James Hardie will hold a conference call to discuss results and outlook Tuesday, August 13, 2024 at 8:30am AEST (Monday, August 12, 2024 at 6:30pm EST). Participants may register for a live webcast and access a replay following the event of the event on the Investor Relations section of the Company’s website (ir.jameshardie.com).
About James Hardie
James Hardie Industries plc is the world’s #1 producer and marketer of high-performance fiber cement and fiber gypsum building solutions. We market our fiber cement products and systems under the Hardie™ brand, such as Hardie® Plank, Hardie® Panel, Hardie® Trim, Hardie® Backer, Hardie® Artisan Siding, Hardie™ Architectural Collection, and other brand names such as Cemboard®, Prevail®, Scyon®, Linea® and Hardie™ Oblique™ cladding. We are also a market leader in the European premium timber frame and dry lining business, especially in
James Hardie Industries plc is a limited liability company incorporated in
Cautionary Note and Use of Non-GAAP Measures
This Earnings Release includes financial measures that are not considered a measure of financial performance under generally accepted accounting principles in
In addition, this Earnings Release includes financial measures and descriptions that are considered to not be in accordance with GAAP, but which are consistent with financial measures reported by Australian companies, such as EBIT and EBIT margin. Since the Company prepares its Condensed Consolidated Financial Statements in accordance with GAAP, the Company provides investors with definitions and a cross- reference from the non-GAAP financial measure used in this Earnings Release to the equivalent GAAP financial measure used in the Company's Condensed Consolidated Financial Statements. See the section titled “Non-GAAP Financial Measures” included in the Company’s Earnings Presentation for the first quarter ended June 30, 2024.
This Earnings Release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to be materially different from those expressed or implied in this release, including, among others, the risks and uncertainties set forth in Section 3 “Risk Factors” in James Hardie’s Annual Report on Form 20-F for the fiscal year ended March 31, 2024; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the level of construction generally; changes in cement demand and prices; changes in raw material and energy prices; changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. James Hardie assumes no obligation to update or correct the information contained in this Earnings Release except as required by law.
This earnings release has been authorized by the James Hardie Board of Directors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812527368/en/
Investor and Media Contact
Joe Ahlersmeyer, CFA
Vice President, Investor Relations
+1 773-970-1213
investors@jameshardie.com
Source: James Hardie Industries plc
FAQ
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