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James Hardie Industries Beats Estimates with Strong Quarterly Earnings,


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© Reuters.

SYDNEY & CHICAGO – James Hardie (NYSE:) Industries plc (NYSE:JHX), a global leader in building products, today announced a robust financial performance for its third quarter ending December 31, 2023.

The company reported an adjusted net income of US$179.9 million, marking a significant 39% increase from the same quarter last year. Adjusted earnings per share (EPS) also rose by 41% to US$0.41, surpassing the analyst estimate of US$0.39. Revenue for the quarter reached US$978.3 million, exceeding both the consensus estimate of US$959.66 million and the previous year’s figure, reflecting a strong demand for the company’s products.

The company’s CEO, Aaron Erter, attributed the impressive results to the team’s commitment to safety, customer partnerships, and long-term growth strategies. “Our superior value proposition helps our customers grow and be successful,” Erter stated, emphasizing the company’s momentum in the market.

In the North America Fiber Cement Segment, sales climbed by 13% to US$727.0 million, with a notable 9% increase in volumes. The Asia Pacific Fiber Cement Segment saw a 21% rise in sales, with New Zealand volumes showing the strongest performance. The Europe Building Products Segment experienced an 8% increase in sales, primarily due to strategic price increases and growth in High Value Products.

Following the earnings release, James Hardie’s stock price jumped by 4.1%, indicating a positive investor response to the company’s financial achievements.

Looking ahead, the company provided guidance for the fourth quarter of fiscal year 2024, projecting adjusted net income to be between US$165 million and US$185 million. The midpoint of this range, US$175 million, is aligned with market expectations. For the full fiscal year, capital expenditures are estimated to reach approximately US$515 million.

James Hardie’s CFO, Rachel Wilson, highlighted the company’s strong financial position, with a leverage ratio of 0.65x and over US$1 billion in liquidity. The company plans to continue its share repurchase program as part of its capital allocation strategy, focusing on organic growth and capacity expansion in response to market demand.

Overall, James Hardie’s financial results and optimistic guidance reflect the company’s ability to navigate a challenging market environment and position itself for continued success.

InvestingPro Insights

James Hardie Industries plc (NYSE:JHX) has demonstrated impressive financial results in its latest quarterly report, which aligns with several positive metrics and InvestingPro Tips that could be of interest to investors seeking to understand the company’s performance and potential.

InvestingPro Data highlights include a robust market capitalization of $16.86 billion, indicating the company’s significant presence in the industry. Although the P/E ratio is relatively high at 29.72, reflecting a high earnings multiple, this could be indicative of market confidence in the company’s future…



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