James Hardie Industries Announces Fourth Quarter And Fiscal Year 2024 Results
Record
Record Adjusted Net Income of
Fourth Quarter Adjusted Net Income of
Issues First Quarter and Fiscal Year 2025 Guidance
Full Year Fiscal Year 2024 Highlights, Compared to Fiscal Year 2023, as applicable:
-
Record
Net Sales ofUS$3,936.3 Million , up 4% -
Record Adjusted EBITDA of
US$1,125.8 Million , with an Adjusted EBITDA margin of 28.6% -
Record Adjusted EBIT of
US$940.8 Million , with an Adjusted EBIT margin of 23.9% -
Record Adjusted Net Income of
US$707.5 Million , up 17% -
Adjusted Diluted EPS of
US$1.61 per share, up 18% -
Record Full Year Operating Cash Flow of
US$914.2 Million , up 50%
Fourth Quarter Fiscal Year 2024 Highlights, Compared to Fourth Quarter Fiscal Year 2023, as applicable:
-
Record
Net Sales ofUS$1,004.9 Million , up 9% -
Adjusted EBITDA of
US$280.8 Million , with an Adjusted EBITDA margin of 27.9% -
Adjusted EBIT of
US$232.5 Million , with an Adjusted EBIT margin of 23.1% -
Adjusted Net Income of
US$174.2 Million , up 19%
Speaking to the results, James Hardie CEO
Fourth Quarter Segment Results
Fourth Quarter Fiscal Year 2024 Results Compared to Fourth Quarter Fiscal Year 2023 Results
North America Fiber Cement Segment
Asia Pacific Fiber Cement Segment
Europe
Capital Resources
Operating cash flow increased 50% to a record
James Hardie Chief Financial Officer,
Our capital allocation framework is unchanged. The primary focus of our capital allocation framework is to invest in organic growth."
Commenting on capital resources,
Outlook and Earnings Guidance
The outlook for the housing markets we participate in globally continues to remain uncertain. In our largest market,
Guidance for the first quarter of fiscal year 2025; includes:
- North American volumes to be in the range of 745 million to 775 million standard feet
- North American EBIT margin to be in the range of 30% to 32%
-
Adjusted Net Income to be in the range of
US$155 million toUS$175 million
Guidance for the full fiscal year 2025; includes:
- North American volumes to be in the range of 2,950 million to 3,150 million standard feet vs FY24 3,054 million standard feet
- North American EBIT margin to be in the range of 29% to 31%
-
Adjusted Interest, net:
US$25 million toUS$29 million vs FY24US$24.3 million - Adjusted Effective Tax Rate: 23.5% to 24.5% vs FY24 23.0%
-
Adjusted Net Income to be in the range of
US$630 million toUS$700 million
For the full year FY25, we expect to spend a total of approximately
James Hardie’s guidance is based on current estimates and assumptions and is subject to several known and unknown uncertainties and risks.
Key Financial Information
Q4 FY24 |
|
Q4 FY23 |
|
Change |
|
FY24 |
|
FY23 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Group (US$ millions) |
|||||||||||
|
1,004.9 |
|
917.8 |
|
9 % |
|
3,936.3 |
|
3,777.1 |
|
4% |
Adjusted EBITDA |
280.8 |
|
233.5 |
|
20% |
|
1,125.8 |
|
952.4 |
|
18% |
Adjusted EBITDA Margin (%) |
27.9 |
|
25.4 |
|
2.5 pts |
|
28.6 |
|
25.2 |
|
3.4 pts |
EBIT |
84.0 |
|
130.6 |
|
(36%) |
|
767.4 |
|
741.4 |
|
4% |
Adjusted EBIT |
232.5 |
|
187.5 |
|
24% |
|
940.8 |
|
779.8 |
|
21% |
EBIT Margin (%) |
8.4 |
|
14.2 |
|
(5.8 pts) |
|
19.5 |
|
19.6 |
|
(0.1 pts) |
Adjusted EBIT Margin (%) |
23.1 |
|
20.4 |
|
2.7 pts |
|
23.9 |
|
20.6 |
|
3.3 pts |
Net Income |
55.6 |
|
81.4 |
|
(32%) |
|
510.2 |
|
512.0 |
|
—% |
Adjusted Net Income |
174.2 |
|
146.2 |
|
19% |
|
707.5 |
|
605.5 |
|
17% |
Diluted EPS - US$ per share |
0.13 |
|
0.18 |
|
(31%) |
|
1.16 |
|
1.15 |
|
1% |
Adjusted Diluted EPS - US$ per share |
0.40 |
|
0.33 |
|
21% |
|
1.61 |
|
1.36 |
|
18% |
Operating Cash Flow |
|
|
|
|
|
|
914.2 |
|
607.6 |
|
50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
735.2 |
|
651.5 |
|
13% |
|
2,891.4 |
|
2,787.6 |
|
4% |
EBIT |
233.0 |
|
188.8 |
|
23% |
|
921.1 |
|
767.5 |
|
20% |
EBIT Margin (%) |
31.7 |
|
29.0 |
|
2.7 pts |
|
31.9 |
|
27.5 |
|
4.4 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
215.2 |
|
204.6 |
|
5% |
|
856.3 |
|
787.0 |
|
9% |
EBIT |
58.6 |
|
59.1 |
|
(1%) |
|
252.7 |
|
208.8 |
|
21% |
EBIT Margin (%) |
27.2 |
|
28.9 |
|
(1.7 pts) |
|
29.5 |
|
26.5 |
|
3.0 pts |
|
|
|
|
|
|
|
|
|
|
|
|
Europe Building Products (€ millions) |
|||||||||||
|
118.0 |
|
117.8 |
|
—% |
|
444.5 |
|
431.8 |
|
3% |
EBIT |
12.1 |
|
7.9 |
|
53% |
|
41.5 |
|
25.2 |
|
65% |
EBIT Margin (%) |
10.3 |
|
6.7 |
|
3.6 pts |
|
9.3 |
|
5.8 |
|
3.5 pts |
Further Information
Readers are referred to the Company’s Consolidated Financial Statements and Management’s Analysis of Results in Section 2 of James Hardie’s Annual Report on Form 20-F for the year ended
Management Briefing for Analysts, Investors and Media
James Hardie will conduct a teleconference and audio webcast for analysts, investors, and media on Tuesday,
All participants wishing to join the teleconference will need to pre-register by navigating to:
https://s1.c-conf.com/diamondpass/10038119-hg786t.html
All participants wishing to join the webcast, please use the following link:
https://edge.media-server.com/mmc/p/kmvyaeyq
Once registered, you will receive a calendar invite with dial-in numbers and a unique PIN which will be required to join the call.
Webcast Replay: Will be available after the Live Webcast concludes at https://ir.jameshardie.com.au/financial-information/financial-results.
Use of Non-GAAP Financial Information; Australian Equivalent Terminology
This Media Release includes financial measures that are not considered a measure of financial performance under generally accepted accounting principles in
In addition, this Media 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 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 Media Release to the equivalent GAAP financial measure used in the Company's Consolidated Financial Statements. See the section titled “Non- GAAP Financial Measures” included in the appendix to the Company’s Management Presentation for the fourth quarter and fiscal year ended
Forward-Looking Statements
This Media 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
This media release has been authorized by the James Hardie Board of Directors.
END
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Investor/Media/Analyst Enquiries:
Director of Investor Relations and Market Intelligence
Telephone: +1 312 756 9919
Email: media@jameshardie.com.au
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