James Hardie sales and profits move ahead
James Hardie, the fiber cement building products manufacturer, reported third quarter 2024 sales increased 14% to $978.3 million from third quarter 2023 sales of $860.8 million.
North American net sales increased 13% to $727 million for the period as the average net sales price (ASP) grew 3% and was supported by a 9% increase in volumes. Asia Pacific fiber cement sales jumped 21% for the quarter with sales in the company’s European Building Products segment climbing by 8%.
The company also posted a net income of $145.1 million in the third quarter, rising 45% from James Hardie’s third quarter 2023 net income of $100.1 million. James Hardie’s third quarter ended on Dec. 31, 2023.
In its largest market, North America, James Hardie said the external data providers it utilizes expects the company’s addressable market to be between a decrease of 4% and growth of 6% in calendar year 2024 versus calendar year 2023.
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The Bottom Line: Fueled by solid sales in North America, James Hardie sees its third quarter profits soar by 45% to $145.1 million.
What the CEO said: “Our team’s focus remains simple: working safely, partnering with our customers, investing in long-term growth and driving profitable share gain,” said James Hardie CEO, Aaron Erter. “This focus has enabled us to deliver a strong nine months, and a record quarterly result for Adjusted Net Income.”
“Our last four quarterly results have demonstrated that we are accelerating through this cycle and taking share,” Erter added. “We have a superior value proposition that helps our customers grow and be successful. Our team is focused on maintaining this momentum and consistency to deliver strong financial results again in the fourth quarter. We are homeowner-focused, customer and contractor-driven, providing the entire value chain with world-class products and services.”
Company info: Click here for the full third quarter 2024 financial report from James Hardie.
