Displaying items by tag: James Hardie

Australia: James Hardie recorded net sales of US$2.10bn in the first nine months of its 2021 financial year, up by 9% year-on-year from US$1.93bn in the first nine months of its 2020 financial year. Adjusted earnings before interest and taxation rose by 25% to US$456m from US$366m. Sales and earnings increased in all three regions in which the company operates. In Australia and New Zealand, it reduced costs by consolidating fibre cement production at its two Australian plants.

Chief executive officer Jack Truong said, “I am pleased with these record results, underpinned by excellent execution of our business transformation that we began in 2019, combined with increasing demand for our premium-quality James Hardie brand products and solutions. The transformation we undertook to unlock capacity and increase efficiency in our global manufacturing network through lean initiatives and to better integrate our supply chain with our customers continues to deliver consistent market share gains and the ability to serve our customers seamlessly around the world. We are firmly on track with our investments in growth to broaden our portfolio with industry-leading innovations that enhance aesthetic value for homeowners. Our transformation initiatives will enable us to expand our market opportunity and allow us to continue to deliver strong performance.”

Australia: James Hardie’s group sales rose by 4% to US$1.36bn in the first half of its 2021 financial year from US$1.32bn in the first half of its 2020 financial year. Its adjusted earnings before interest and taxation (EBIT) were US$288m, up by 11% from US$258m.

Jack Truong said, “Delivering these record results is a confirmation that the global strategy we launched in early 2019 to transform James Hardie into a high-performing, world-class organisation is on track and is accelerating. This is now the sixth consecutive quarter that our team has delivered growth above market with strong returns.”

Australia: James Hardie’s operating profit in the three-month period ended 30 June 2020 was US$89.3m, down by 1% year-on-year from US$90.2m in the corresponding period of 2019. Earnings before interest and taxation (EBIT) were US$125m, consistent with the corresponding quarter of the previous fiscal year.

Chief executive officer (CEO) Jack Truong said, “In February 2019 we launched a global strategy to transform James Hardie from a big small company to a small big company capable of delivering growth above market with strong returns, consistently. This is our fifth consecutive quarter of delivering strong results in line with the core goal of that strategy: growth above market and strong returns. I am very pleased to note that not only do we remain on track with our transformation, but we are also accelerating our transformation during the coronavirus pandemic.”

Australia: James Hardie has revised its guidance for the quarter ending 30 June 2020, the fourth quarter of the Australian fiscal year 2020, following “improved housing market activity, particularly in North America.” Australian Associated Press – Financial News has reported that James Hardie has revised its North American fibre cement boards volumes growth estimate to 1% year-on-year from a 3% drop previously. It expects Australian volumes to remain constant year-on-year, as previously predicted, and European volumes in the quarter to fall by 13%, rather than by 16%.

Australia/New Zealand/US: Ireland-based James Hardie has announced the planned closure of three of its fibre cement board plants. The Cooroy, Queensland plant in Australia, Summerville, South Carolina plant in the US and Penrose, Auckland plant in New Zealand will close permanently in mid-2020, resulting in a total of 375 job cuts. The NZ Herald newspaper has reported that the decision to shut the plants came about due to the impacts of the coronavirus outbreak on the global economic situation. James Hardie will now supply the New Zealand market from its Carole Park, Queensland and Rosehill, New South Wales plants. James Hardie also closed its Siglingen, Baden-Württemberg plant in Germany on a temporary basis, ‘in order to better match supply and demand in the European market.’

James Hardie revised its 2020 profit forecast to US$355m, down by 4.1% from US$370m.

Australia: James Hardie Industries, the world's largest fibre cement producer, highlighted the potential for higher earnings in the 2020 fiscal year, citing an improved performance for its North American fibre cement segment.

The company said it expected full-year adjusted net operating profit to be US$221-248m, compared with US$204m a year earlier.

"Our North America Fiber Cement segment delivered very good volume growth in a down market while generating an earnings before interest and tax (EBIT) margin at the top end of our target range," said CEO Jack Truong in a statement.

Australia: Jack Truong has been officially appointed as the chief executive officer (CEO) and executive director of James Hardie. He was first announced as CEO successor in September 2018. He succeeds Louis Gries, who has stepped down from the post in a structured transition process.

Truong has been President of International Operations at James Hardie since April 2017. Prior to James Hardie, he was the president and CEO of Electrolux North America and worked for 22 years at 3M Company, where he held senior leadership roles throughout the US, Europe and Asia-Pacific, including Vice President and General Manager of the Global Construction and Home Improvements Division and Global Office Supplies Division. Truong holds a PhD in chemical engineering from the Rensselaer Polytechnic Institute in New York.

US: Anne Lloyd has been appointed as a non-executive director of James Hardie. Lloyd previously worked as chief financial officer (CFO) of Martin Marietta Materials for over 12 years from June 2005 until her retirement in August 2017.

She joined Martin Marietta in 1998 as Vice President and Controller and was promoted to Chief Accounting Officer in 1999. She was subsequently appointed Treasurer (2006 - 2013) and promoted to Executive Vice President in 2009. Earlier in her career, Ms Lloyd spent 14 years with Ernst & Young, latterly as a senior manager and client service executive for the natural resources, mining, insurance and healthcare industries.

Australia: Cement fibreboard maker James Hardie has picked its president of international operations Jack Truong to succeed Louis Gries as its new President and CEO. Dr Truong, who currently heads the firm's Asia Pacific fibre cement business and the Europe building products unit, will become global president and CEO for a six-month transition period as Mr Gries winds down his 13-year spell in charge. A former chief executive of Electrolux North America, Dr Truong has held his current role since April 2017.

“Jack offers the ideal combination of commercial expertise, operational excellence, and leadership in order to continue to grow the business and maintain the industry-leading performance, across the multiple geographies established by Louis over a long period," said chairman Michael Hammes.

Australia: James Hardie Industries increased its net profit by 58% year-on-year to US$90.6m in the three months to 30 June 2018. Adjusted earnings before interest and tax (EBIT) were up by 21% to US$107.1m. Net sales were up by 28% to US$651m.

CEO Louis Gries said, "Our North America Fibre Cement Segment delivered solid top line growth of 10% for the quarter. Volumes increased by 5%, with our interiors business having only marginal growth and our exteriors business returning to growth above our addressable market. While we have returned to growth above our market index in our exteriors business, increased traction will be required to hit our 2019 financial year targeted range.”

“Within our Asia Pacific Fibre Cement Segment, net sales increased 15% for the quarter, primarily due to the strong growth in our Australian business,” added Gries. “Furthermore, EBIT increased 7% for the quarter, driven by the strong performance of our Australian business, partially offset by the performance of our New Zealand business.”