James Hardie Announces Adjusted Net Operating Profit of US$73.8 Million for Q4 Fiscal Year 2019 & US$300.5 Million for the Fu...
20 Maio 2019 - 8:05PM
Business Wire
James Hardie announces a fiscal year 2019
second half dividend of US 26.0 cents per security
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.
CEO Commentary
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."
He continued, “Our Asia Pacific Fiber Cement segment continued
to deliver excellent top line growth of 7% and 11% in Australian
dollars for the quarter and full year, respectively. Our Australian
and Philippines businesses lead the way in gaining volume growth
above their underlying market growth. This strong growth was
achieved despite a continued, softening Australian housing market
throughout the year. Further, our EBIT margins were significantly
impacted by input cost rapid inflation during most of fiscal year
2019."
Dr Truong added, “Our Europe Building Products segment delivered
strong pro-forma revenue growth in Euros of 7% with an Adjusted
EBIT margin of 10.6% for the full fiscal year after excluding costs
associated with the acquisition and integration. We are
encouraged by the positive first year results. We are excited about
our European business gaining significant momentum in fiber cement
growth in fiscal year 2020 while continually improving on our fiber
gypsum business."
He concluded, “Our consolidated group results reflected good and
disciplined financial performance in a significant inflationary
cost environment. We enter fiscal year 2020 with our global team
aligned on one global strategy that is centered around delivering
growth above the market in all of our regions with strong financial
returns."
Outlook
We expect to see modest growth in the US housing market in
fiscal year 2020. The single family new construction market and
repair and remodel market growth rates in fiscal year 2020 are
expected to grow, albeit at a growth rate lower than that in fiscal
year 2019. The Company expects new construction starts between
approximately 1.2 million and 1.3 million.
We expect our North America Fiber Cement segment EBIT margin to
be in the top half of our range of 20% to 25% for fiscal year 2020.
This expectation is based upon the Company continuing to improve
operating performance in our plants, improved net average sales
price and mix, continued inflation for input costs and modest
underlying housing growth.
In Australia, it is anticipated that our addressable underlying
market will decrease in fiscal year 2020 compared to fiscal year
2019. Net sales from our Australian business are expected to
continue to trend above the average growth of the domestic repair
and remodel and single family detached housing markets in the
eastern states of Australia.
We expect our Europe Building Product segment to achieve year on
year net sales and EBIT margin growth.
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 2019 for additional
information regarding the Company’s results, including information
regarding income taxes, the asbestos liability and contingent
liabilities.
As of 30 June 2018, the Company changed its reportable operating
segments. Previously, the Company reported on four operating
segments: (i) North America Fiber Cement, (ii) International Fiber
Cement, (iii) Other Businesses, and (iv) Research and Development.
As of 30 June 2018, the Company began reporting on five operating
segments: (i) North America Fiber Cement, (ii) Asia Pacific Fiber
Cement, (iii) Europe Building Products, (iv) Other Businesses, and
(v) Research and Development. The significant changes to how
certain businesses are reported in the new segment structure are as
follows: Our European Fiber Cement business as well as the newly
acquired Fermacell business are now reported as the Europe Building
Products segment, and the remaining businesses that were
historically reported in the International Fiber Cement segment are
now reported in the Asia Pacific Fiber Cement segment. The Company
has revised its historical segment information at 31 March 2018 and
for the years ended 31 March 2018 and 2017 to be consistent with
the new reportable segment structure. The change in reportable
segments had no effect on the Company's financial position, results
of operations or cash flows for the periods presented. Readers are
referred to Note 18 of our consolidated financial statements for
further information on our segments.
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 2019.
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 Media 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 2019.
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 2019; 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190520005850/en/
Media/Analyst Enquiries:Jason MieleVice President,
Investor and Media RelationsTelephone: +61 2 8845
3352Email: media@jameshardie.com.au
James Hardie Industries (NYSE:JHX)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
James Hardie Industries (NYSE:JHX)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024