James Hardie Announces Adjusted Net Operating Profit of US$73.8 Million for Q4 Fiscal Year 2019 and US$300.5 Million for the Full Year Ended 31 March 2019
James Hardie today announced results for the fourth quarter of fiscal year 2019 and the full year ended 31 March 2019:
- Group Adjusted net operating profit of US$73.8 million for the quarter and US$300.5 million for the full year, a decrease of 9% and an increase of 3%, respectively, compared to the prior corresponding periods (“pcp”);
- Group Adjusted EBIT of US$100.0 million for the quarter and US$404.6 million for the full year, a decrease of 3% and an increase of 2%, respectively, compared to pcp;
- Group net sales of US$624.8 million for the quarter and US$2,506.6 million for the full year, an increase of 19% and 22%, respectively, compared to pcp;
- North America Fiber Cement Segment volume increased 1% for the quarter and 3% for the full year, compared to pcp;
- North America Fiber Cement Segment EBIT margin excluding product line discontinuation expenses of 22.5% for the quarter and 23.1% for the full year;
- Asia Pacific Fiber Cement Segment EBIT margin of 20.0% for the quarter and 22.3% for the full year;
- Europe Building Products Segment Adjusted EBIT margin excluding costs associated with the acquisition of 11.3% for the quarter and 10.6% for the full year; and
- The Fermacell acquisition closed on 3 April 2018 and is included in the financial results for the full year of fiscal year 2019.
James Hardie CEO Jack Truong said, “Our North America Fiber Cement segment delivered solid revenue growth of 3% for the quarter and 6% for the full year while generating good EBIT margins within our target range in a challenging input cost environment. The North America housing market demand was soft across most geographies and customer segments the last six months of fiscal year 2019. Our exteriors business grew 1% above our addressable market for fiscal year 2019 compared to negative 2% in fiscal year 2018. It was a good improvement over our fiscal year 2018 performance, albeit below our internal expectations. We have encouraging signs of early momentum on our recent commercial transformation and implementation of lean manufacturing in our North American plants. We are confident these transformations will lead to marked improvement in our ability to execute and deliver on expected results."