Displaying items by tag: cement boards

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.”

Australia: Boral has appointed Kathryn Fagg as chairman with effect from 1 July 2018. It follows the resignation of Brian Clark as chairman and a non-executive director due to health reasons. Clark has been a director of the company since 2007 and was elected chairman in late 2015.

Fagg, who joined the board in 2014, holds more than 25 years of executive and management experience across a range of industries in Australia and Asia, including steel based building products at BlueScope Steel, transport and logistics at Linfox Logistics Group, banking at ANZ and professional consulting services at McKinsey & Co.

Fagg commenced her professional career as a chemical engineer with Esso Australia, now Exxon Mobil. She holds a number of board positions, including as a non-executive director of Incitec Pivot and a non-executive director of Djerriwarrh Investments. She is the current president of Chief Executive Women and only recently completed a five year term as a director of the Reserve Bank of Australia.

Boral has also appointed Peter Alexander as its first North American-based non-executive director, with effect from 1 September 2018. Alexander has spent eight years as the chief executive officer (CEO) of Building Materials Holding Corporation and then the merged company BMC. He was president and CEO of ORCO Construction Distribution from 2005 to 2009 and was managing partner of KinderOaks Business Services from 2002 to 2005. He holds a BA from the Ohio State University and an MBA from the Pennsylvania State University.

Australia: Boral Ltd has announced that its profit for the first half of the 2017-2018 fiscal year (from 1 July 2017 – 31 December 2017) rose by 13%. The company benefited from the 2017 acquisition of the US-based building products firm Headwaters Inc. and continued growth in its Australian business.

It reported a net profit of US$136.0m for the six month period, a rise of 12.7% compared to the same period of the 2016 – 2017 fiscal year when it made US$120.7m. Its profit before amortisation and significant items increased by 58% to US$$186.5m.

"These strong results confirm that our transformation strategy is on track," said Chief Executive Mike Kane. "The Headwaters acquisition has helped transform Boral into a construction materials and building products group with a greater geographic reach and improved prospects for growth."

Boral’s US business, which was only breaking even in 2015 – 2016, recorded a fourfold rise in earnings, despite adverse impacts from bad weather, including two hurricanes.

Kane also said Boral’s Australian arm, its largest divison, was ‘exceptionally strong’ during the half. Boral reported a 12% rise in earnings before interest, tax, depreciation and amortisation from that business.

"Higher revenues and earnings were driven by increased spending on infrastructure, in line with our expectations that a large proportion of our work would gradually shift from residential to infrastructure projects, primarily in the eastern states," said Kane.

Australia: Environment Protection Authority Victoria (EPA) has approved an application from Boral Cement to build a new 1.3Mt/yr cement grinding plant at Geelong in Melbourne, Victoria. The works will include an enclosed ball mill and covered store, covered belt conveyors, outdoor product stockpiles and several finished product storage and distribution silos at the site. Clinker will be unloaded from ships and delivered to the site via covered belt conveyors from Lascelles Wharf. The facility will operate 24-hours per day.

The EPA added that Boral Cement undertook community consultation prior to the submission of the application and during the public submission period.

Australia: Boral Australia’s external revenue for its cement business remained flat at US$240m in the company’s financial year, which ended on 30 June 2017. The company said that its external revenues were steady, underpinned by a 2% price increase and lower wholesale volumes to support higher volumes of cement sold internally. Total sales volumes of cement rose by 2%. Its cement businesses earnings grew supported by price and volume gains as well as productivity and material input cost benefits, partially offset by higher energy costs. Overall, the division’s total revenue rose by 1% year-on-year to US$2.61bn from US$2.60bn.

Australia: James Hardie has announced its financial results for the quarter ended 30 June 2017. The group’s adjusted net operating profit was US$61.7m, a decrease of 7% compared to the same period of 2016. Group adjusted earnings before interest and tax (EBIT) came to US$88.3m, a fall of 10% year-on-year, although net sales rose by 6% year-on-year to US$507.7m. James Hardie’s North American fibre cement segment saw its sales volume increase by 2% year-on-year, with nets sales up by 6% to US393.1m.

Group CEO Louis Gries said, "Our North America fibre cement segment results reflect top line growth of 6%, including volume growth below our market index. Additionally, manufacturing inefficiencies and production costs led to a decrease in EBIT margin of 5.2 percentage points compared to the prior corresponding period. Within our international fibre cement business, net sales increased 8% due to volume increases in our Asia Pacific market, and EBIT increased by 10%, driven by the strong performance of our Australian and New Zealand businesses."

Australia: Boral Cement has ¬applied to the Environment Protection Authority (EPA) to run a 1.3Mt/yr cement grinding plant at Geelong in Melbourne, Victoria for 24 hours per day. The proposed facility would enable the company to unload from ships to be delivered to the production site via covered belt conveyors.

“The new site is directly adjacent to the wharf complex, which would allow efficient unloading of clinker from ships,” a Boral spokesman said when the company first raised the concept in late 2016. “Importantly, the site is also surrounded by other large industrial premises, meaning it is well separated and largely hidden from residential areas.” Boral has also proposed constructing new equipment, including an enclosed ball mill and covered store, outdoor product stockpiles and clinker unloading and delivery infrastructure.

EPA development assessments manager Tim Faragher said that Boral Cement required a works approval before starting any construction works on the clinker grinding mill. “Work approvals are ¬required for industrial and waste management activities that have the potential for ¬significant environmental impact,” said Faragher. The EPA now has four months to make a decision on Boral’s application.

US: The Federal Trade Commission (FTC) has approved Boral’s proposed acquisition of Headwaters. Boral expects that the transaction will be completed within two business days. The transaction is worth US$2.6bn. Following the purchase Boral USA and Headwaters will form a new division to be named Boral North America.

“We have been eagerly awaiting the approval from US regulators to allow us to complete the acquisition and to deliver on our strategy. In the meantime, we have continued to develop our integration plans and we are confident in our ability to deliver on the synergy targets we established when the transaction was announced,” said Boral’s chief executive officer and managing director Mike Kane. He added that Boral North America will focus on building products and fly ash.

Australia: Boral’s revenue from its cement business fell by 4% year-on-year to US$118m in the first half of its financial year, which ended on 31 December 2016. Total cement sales volumes rose by 3%. The building materials producer blamed the fall in sales revenue on low wholesale clinker volumes due to higher direct sales volumes of cement. Its sales prices for cement grew by 1% for bulk cement and 3% for packaged products. It added that, although competition pressure and energy costs are rising, its cost improvement plans are helping.

Overall, Boral’s sales revenue fell by 5% to US$1.6bn from US$1.68bn. However, its profit after tax rose by 9% to US$114m from US$105m. It attributed this to a ‘solid’ performance in Australia combined with good earnings from Boral USA and USG Boral.

US: The shareholders of Headwaters have approved the acquisition of the company by Australia’s Boral. Over 98% of the votes cast were in favour of the deal. Boral will now continue to seek regulatory approval for the purchase and it plans to complete the deal by mid-2017. Headwaters’ Construction Materials division is one of the largest marketers of fly ash in the US.