James Hardie Industries posts record results

James Hardie Industries has announced record global net sales of US$3777.1m for the fiscal year 2023, ending 31 March 2023, up four per cent YoY. Adjusted EBIT over the same period declined four per cent to US$779.8m with the adjusted EBIT margin falling two percentage points to 20.6 per cent. Operating cash flow generation of US$607.6m in fiscal year 2023 was driven by profitable organic sales growth, partially offset by an increase in working capital. Working capital advanced by US$101.9m primarily due to increased inventory levels globally and lower accounts payable balances, partially offset by lower accounts receivable.

The North America fibre cement segment saw net sales advance nine per cent YoY to a record US$2787.6m, while EBIT was up four per cent YoY to US$767.5m, also a record result. The EBIT margin stood at 27.5 per cent. The Asia Pacific fibre cement business reported a one per cent YoY improvement in net sales to a record AUD787m (US$526.2m) at an EBIT margin of 26. 5 per cent. The Europe building products segment reported record net sales of EUR431.8m, up three per cent YoY, while the EBIT margin came in at 5.8 per cent. 

Commenting on the results, Aaron Erter, CEO, said, “We are controlling what we can control, this is about being agile and adaptive to respond to significant changes in market conditions while remaining thoughtful and focused on where we can accelerate our competitive advantages. We remain focussed on continued strong execution of our strategy to drive profitable share gain."