James Hardie Announces Adjusted Net Operating Profit of US$81.1 Million for Q4 Fiscal Year 2018 & US$291.3 Million for the Fu...
21 Maio 2018 - 11:18PM
Business Wire
James Hardie announces a fiscal year 2018
second half dividend of US 30.0 cents per security
James Hardie today announced results for the fourth quarter of
fiscal year 2018 and the full year ended 31 March 2018:
- Group Adjusted net operating profit of
US$81.1 million for the quarter and US$291.3 million for the full
year, an increase of 49% and 17%, respectively, compared to the
prior corresponding periods (“pcp”);
- Group Adjusted EBIT of US$103.0 million
for the quarter and US$397.5 million for the full year, an increase
of 34% and 12%, respectively, compared to pcp;
- Group net sales of US$525.9 million for
the quarter and US$2,054.5 million for the full year, an increase
of 6% and 7%, respectively, compared to pcp;
- North America Fiber Cement Segment
volume increased 1% for the quarter and full year, compared to
pcp;
- North America Fiber Cement Segment net
sales of US$410.1 million for the quarter and US$1,578.1 million
for the full year, an increase of 6%, compared to pcp;
- North America Fiber Cement Segment EBIT
margin of 25.2% for the quarter and 24.2% for the full year;
- International Fiber Cement Segment EBIT
margin of 23.1% for the quarter and 23.5% for the full year;
and
- The Fermacell acquisition closed on 3
April 2018.
CEO Commentary
James Hardie CEO Louis Gries said, “Our North America Fiber
Cement Segment for the quarter and full year delivered top line
growth of 6%, driven primarily by higher net prices. In the first
half of the year, our exterior volume growth was below our
expectations and lower than market growth, as volume was
significantly impacted by our capacity constrained position.
However, in the second half of the year we began to build momentum
and exteriors volume for the second half of the year grew in-line
with our market index. Additionally, we exited fiscal year 2018
with an EBIT margin at the top end of our target range and our
manufacturing performance within expected levels, despite input
costs which continue to increase."
He continued, “We enter fiscal year 2019 with no constraints on
capacity and are focused on driving improved primary demand
growth.”
He added, “Within our International Fiber Cement business, net
sales increased 9% for the quarter and 12% for the full year due to
strong growth in our Asia Pacific business. Furthermore, EBIT
increased 10% for the quarter and 14% for the full year, primarily
driven by the strong performance of our Australian business.”
Mr. Gries concluded, “Our group results reflect strong Adjusted
EBIT growth for the quarter and full year, driven by improving
North America results as the year progressed and consistently
strong Asia Pacific business results throughout the year. In
addition to the financial results for fiscal year 2018, James
Hardie made a significant strategic acquisition of Fermacell, which
positions the Company for meaningful long-term growth in
Europe.”
Outlook
We expect to see the steady growth in the US housing market to
continue into fiscal year 2019. The single family new construction
market and repair and remodel market are expected to grow similarly
to the year-on-year growth experienced in fiscal year 2018. The
Company expects new construction starts between approximately 1.2
and 1.3 million.
We expect our North America Fiber Cement segment EBIT margin to
be in the top end of our stated target range of 20% to 25% for
fiscal year 2019. This expectation is based upon the Company
continuing to achieve strong operating performance in its plants,
stable exchange rates and a moderate inflationary trend for input
costs.
Net sales from the Australian business are expected to trend in
line with the average growth of the domestic repair and remodel and
single family detached housing markets in the eastern states of
Australia.
Further Information
Readers are referred to the Company’s Consolidated Financial
Statements and Management’s Analysis of Results for the fourth
quarter and full year ended 31 March 2018 for additional
information regarding the Company’s results, including information
regarding income taxes, the asbestos liability and contingent
liabilities.
Use of Non-GAAP Financial Information;
Australian Equivalent Terminology
This Media Release includes financial measures that are not
considered a measure of financial performance under generally
accepted accounting principles in the United States (GAAP), such as
Adjusted net operating profit and Adjusted EBIT. These non-GAAP
financial measures should not be considered to be more meaningful
than the equivalent GAAP measure. Management has included such
measures to provide investors with an alternative method for
assessing its operating results in a manner that is focused on the
performance of its ongoing operations and excludes the impact of
certain legacy items, such as asbestos adjustments. Additionally,
management uses such non-GAAP financial measures for the same
purposes. However, these non-GAAP financial measures are not
prepared in accordance with US GAAP, may not be reported by all of
the Company’s competitors and may not be directly comparable to
similarly titled measures of the Company’s competitors due to
potential differences in the exact method of calculation. For
additional information regarding the non-GAAP financial measures
presented in this Media Release, including a reconciliation of each
non-GAAP financial measure to the equivalent US GAAP measure, see
the section titled “Non-US GAAP Financial Measures” included in the
Company’s Management’s Analysis of Results for the fourth quarter
and full year ended 31 March 2018.
In addition, this Media Release includes financial measures and
descriptions that are considered to not be in accordance with US
GAAP, but which are consistent with financial measures reported by
Australian companies, such as operating profit, EBIT and EBIT
margin. Since the Company prepares its Consolidated Financial
Statements in accordance with US GAAP, the Company provides
investors with a table and definitions presenting cross-references
between each US GAAP financial measure used in the Company’s
Consolidated Financial Statements to the equivalent non-US GAAP
financial measure used in this press release. See the sections
titled “Non-US GAAP Financial Measures” included in the Company’s
Management’s Analysis of Results for the fourth quarter and full
year ended 31 March 2018.
Forward-Looking
Statements
This Media Release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties
and assumptions. Many factors could cause the actual results,
performance or achievements of James Hardie to be materially
different from those expressed or implied in this release,
including, among others, the risks and uncertainties set forth in
Section 3 “Risk Factors” in James Hardie’s Annual Report on
Form 20-F for the year ended 31 March 2018; changes in general
economic, political, governmental and business conditions globally
and in the countries in which James Hardie does business; changes
in interest rates, changes in inflation rates; changes in exchange
rates; the level of construction generally; changes in cement
demand and prices; changes in raw material and energy prices;
changes in business strategy and various other factors. Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described herein. James Hardie assumes no
obligation to update or correct the information contained in this
Media Release except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180521006148/en/
Media/Analyst Enquiries:James HardieJason Miele, +61 2
8845 3352Vice President, Investor and Media Relationsmedia@jameshardie.com.au
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