James Hardie reaches record sales
James Hardie Industries, the maker of fiber cement siding and building products, reported fourth quarter 2023 global sales decreased 5% to $917.8 million.
Global net sales for the year moved ahead 4% to an annual company record of $3.8 billion, however.
North American sales declined 6% to $651.5 million for the quarter. But sales in North America for the full fiscal year 2023 also reached a new company record while increasing 9% to $2.8 billion.
Fiber cement volumes in North America declined 14% during the quarter and were impacted by the slowdown in the U.S. housing market. Volumes were partially offset by price and mix growth of 8%, James Hardie said.
The manufacturer’s adjusted net income for the fourth quarter fell 18% to $146.2 million while its adjusted net income for the full year 2023 slipped 2% to $605.5 million.
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The Bottom Line: Declining U.S. home sales impact James Hardie in Q4 but the fiber cement manufacturer turns in record sales for the year.
What the CEO said: “Our team executed successfully and closed out fiscal year 2023, delivering record net sales globally and in all three regions in local currency for the full year.” said James Hardie CEO Aaron Erter.
The top executive was appointed CEO of James Hardie in September 2022.
In regard to navigating an unsteady market, Erter said, “We are controlling what we can control, this is about being agile and adaptive to respond to significant changes in market conditions while remaining thoughtful and focused on where we can accelerate our competitive advantages. We remain focused on continued strong execution of our strategy to drive profitable share gain.”
The CEO also noted that James Hardie has made progress toward its ESG goals and has issued its latest Sustainability Report. ‘
“We have continued to make good progress in integrating ESG into how we operate, and we continue to make progress against the goals and targets we set out in our prior Sustainability Reports,” Erter said.
James Hardie is setting new ESG goals and targets, which will be published in the company’s third annual Sustainability Report in July, the CEO said.
Company Info: Read James Hardie’s full Fourth Quarter and Fiscal 2023 Financial Report here.