Adjusted Net Income of US$174.5
Million
Operating Cash Flow of US$252.3
Million
Q2 Adjusted Net Income Guidance of US$170
million to US$190 million
James Hardie Industries plc (ASX: JHX; NYSE: JHX), today
announced results for its first quarter ending 30 June 2023.
First Quarter Fiscal Year 2024 Highlights, Compared to First
Quarter Fiscal Year 2023, as applicable:
- Global Net Sales of US$954.3 million
- Record Global Adjusted EBITDA of US$279.1 Million, with an
Adjusted EBITDA margin of 29.2%
- Record Global Adjusted EBIT of US$234.2 Million, with an
Adjusted EBIT margin of 24.5%
- Adjusted Net Income of US$174.5 million, up 13%
- Adjusted Diluted EPS of US$0.39 per share, up 14%
- Operating Cash Flow increased 64% to US$252.3 million
Speaking to the results, 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 start the year strong,
delivering our best ever first quarter results for both Adjusted
Net Income and Operating Cash Flow.”
Mr. Erter continued, “I believe our last two quarterly results
are proof points that we are accelerating through this cycle. We
have a superior value proposition with the right products and
solutions that help our customers grow profitably. Our team is
focused on maintaining our momentum to deliver strong financial
results again in the second quarter 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.”
First Quarter Segment Results
First Quarter Fiscal Year 2024 Results Compared to First Quarter
Fiscal Year 2023 Results
North America Fiber Cement
Segment
Net Sales declined 6% to US$694.8 million, on strong average net
sales price (ASP) growth of +3%, more than offset by a decline in
volumes of 9%. Volume of 747.8 million standard feet was ahead of
May guidance of 680 million to 710 million standard feet. Stronger
than expected volumes were due to profitable share gain and better
than expected market conditions. The strong top line result,
combined with significantly lower freight resulted in EBIT
increasing 13% to a record US$217.6 million. EBIT margin expanded
540 basis points to a record 31.3%.
Asia Pacific Fiber Cement
Segment
Net sales increased 5% to a record A$209.7 million. ASP growth
of +12%, was partially offset by an 8% decline in volumes,
primarily in our New Zealand business. The record top line result,
combined with lower SG&A investments and relatively flat cost
of goods sold per unit, led to EBIT increasing 35% to a record
A$69.5 million. EBIT margin expanded by 750 basis points to 33.1%,
also a record.
Europe Building Products
Segment
Net Sales decreased 1% to €109.7 million. ASP growth of +23% was
offset by a 18% decline in volumes, driven by the slowdown in the
housing markets we participate in. EBIT of €10.8 million was down
5%, at an EBIT margin of 9.8%, which was a significant improvement
sequentially.
Capital Resources
Operating cash flow increased 64% to US$252.3 million in the
first quarter of fiscal year 2024, driven by strong results in all
three regions and significant improvement in working capital.
Working capital improved by US$51.8 million primarily due to lower
inventory and higher accounts payable.
James Hardie Chief Financial Officer, Jason Miele, stated, “We
continue to maintain a strong liquidity position, with our leverage
ratio at 0.85x and US$580.7 million of liquidity. We improved our
liquidity position by US$104.9 million since 31 March 2023, while
also executing the next tranche of our share buyback program. We
expect our continued robust operating cash flows will ensure we
maintain this strong liquidity position. Our capital allocation
framework remains unchanged and matches who we are, a growth
company. The number one and primary focus of our capital allocation
framework is to invest in organic growth."
Commenting on capital expenditures, Mr. Miele stated “Our
capacity expansion program is guided by our expectation for
sustainable long term profitable share gain. In Q1 FY24, total
capital expenditures were US$125.6 million. Despite the changing
market conditions, we remain committed to investing in capacity
expansion, but we will continuously adjust, such that we remain
flexible and agile to respond as demand increases coming out of
this cycle.”
Since the commencement of our share buyback program in November
2022, we have bought back 5.8 million shares for total
consideration of US$127.4 million.
Sustainability
Speaking on ESG, Mr. Erter said, “We plan to release our fiscal
year 2023 Sustainability Report on 10 August. Sustainability is a
never-ending journey for us. We continue to identify and develop
solutions that do right by our planet, our people and the
communities where we operate. We have increased our ESG
commitments, with even larger ambitions across the company while
putting roadmaps in place to get us there and hold ourselves
accountable. While this is just the beginning, we are all ready to
do our part in building a better future for all.”
Outlook and Earnings
Guidance
The outlook for the housing markets we participate in globally
continues to remain uncertain. In our largest market, North
America, the external data providers we utilize expect our
addressable market to decrease between 5% and 18% in calendar year
2023 versus calendar year 2022.
Guidance for the second quarter of fiscal year 2024; we
expect:
- Adjusted Net Income to be in the range of US$170 million to
US$190 million
- North American volumes to be in the range of 740 million to 770
million standard feet
- North American EBIT margin to be in the range of 30% to
32%
For the full year FY24, we expect to spend a total of
approximately US$550 million in capital expenditures.
James Hardie’s guidance is based on current estimates and
assumptions and is subject to several known and unknown
uncertainties and risks.
Key Financial
Information
Q1 FY24
Q1 FY23
Change
Group (US$ millions)
Net Sales
954.3
1,000.9
(5)%
Adjusted EBITDA
279.1
248.9
12%
Adjusted EBITDA Margin (%)
29.2
24.9
4.3 pts
Adjusted EBIT
234.2
208.4
12%
Adjusted EBIT Margin (%)
24.5
20.8
3.7 pts
Adjusted Net Income
174.5
154.3
13%
Adjusted Diluted EPS - US$ per share
0.39
0.35
14%
Operating Cash Flow
252.3
153.6
64%
North America Fiber Cement (US$
millions)
Net Sales
694.8
740.1
(6%)
EBIT
217.6
191.8
13%
EBIT Margin (%)
31.3
25.9
5.4 pts
Asia Pacific Fiber Cement (A$
millions)
Net Sales
209.7
200.1
5%
EBIT
69.5
51.3
35%
EBIT Margin (%)
33.1
25.6
7.5 pts
Europe Building Products (€
millions)
Net Sales
109.7
110.8
(1%)
EBIT
10.8
11.4
(5%)
EBIT Margin (%)
9.8
10.3
-0.5 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 30 June 2023 for additional information
regarding the Company’s results, including information regarding
income taxes, the asbestos liability and contingent
liabilities.
Management Briefing for Analysts,
Investors and Media
James Hardie will conduct a teleconference and audio webcast for
analysts, investors, and media on Tuesday, 8 August 2023, 8:30am
Sydney, Australia time (Monday, 7 August 2023, 6:30pm New York
City, US Eastern time). Analysts, investors, and media can access
the management briefing via the following:
All participants wishing to join the teleconference will need to
pre-register by navigating to:
https://s1.c-conf.com/diamondpass/10032004-gh81q3.html
All participants wishing to join the webcast, please use the
following link:
https://edge.media-server.com/mmc/p/fj9mx3qd
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 the United States (GAAP), such as
Adjusted net income, Adjusted EBIT, Adjusted EBITDA and Adjusted
Diluted EPS. These non-GAAP financial measures should not be
considered to be more meaningful than the equivalent GAAP measure.
Management has included such measures to provide investors with an
alternative method for assessing its operating results in a manner
that is focused on the performance of its ongoing operations and
excludes the impact of certain legacy items, such as asbestos
adjustments. Additionally, management uses such non-GAAP financial
measures for the same purposes. However, these non-GAAP financial
measures are not prepared in accordance with GAAP, may not be
reported by all of the Company’s competitors and may not be
directly comparable to similarly titled measures of the Company’s
competitors due to potential differences in the exact method of
calculation. The Company is unable to forecast the comparable US
GAAP financial measure for future periods due to, amongst other
factors, uncertainty regarding the impact of actuarial estimates on
asbestos-related assets and liabilities in future periods. For
additional information regarding the non-GAAP financial measures
presented in this Media Release, including a reconciliation of each
non-GAAP financial measure to the equivalent GAAP measure, see the
section titled “Non-GAAP Financial Measures” included in the
Company’s Management’s Analysis of Results for the first quarter
ended 30 June 2023.
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 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 Media 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 Management’s Analysis of Results for the
first quarter ended 30 June 2023.
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 31 March 2023; 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
Media Release except as required by law.
This media release has been authorized by the James Hardie Board
of Directors.
James Hardie Industries plc is a limited liability company
incorporated in Ireland with its registered office at 1st Floor,
Block A, One Park Place, Upper Hatch Street, Dublin 2, D02 FD79,
Ireland.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807007784/en/
Investor/Media/Analyst Enquiries: James Brennan-Chong
Director of Investor Relations and Market Intelligence +1 312 756
9919 media@jameshardie.com.au
James Hardie Industries (NYSE:JHX)
過去 株価チャート
から 5 2024 まで 6 2024
James Hardie Industries (NYSE:JHX)
過去 株価チャート
から 6 2023 まで 6 2024