U.S. housing drives James Hardie Q1 results
James Hardie, the fiber cement siding and building products manufacturer, posted increases in revenue and profit driven by the U.S. housing market.
The company reported group net sales of $651 million for its first quarter 2019, an increase of 28% compared to compared to group net sales of $507.7 million for the same period a year ago.
North America fiber cement segment volume increased 5% for the quarter while North America fiber cement segment net sales increased 10% to $433.8 million for the quarter compared to sales of $393.1 million during the same period a year ago.
The Australian manufacturer also reported a net operating profit of $79.9 million for the first quarter, an increase of 29% compared to $61.7 million in the first quarter last year.
“Our North America fiber cement segment delivered solid top line growth of 10% for the quarter. Volume increased 5%, with our interiors business having only marginal growth and our exteriors business returning to growth above our addressable market,” James Hardie CEO Louis Gries.
Looking ahead, Gries said that James Hardie expects to see steady growth in the U.S. housing market.
“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,” Gries said. “The company expects new construction starts between approximately 1.2 and 1.3 million.”
The company reported group net sales of $651 million for its first quarter 2019, an increase of 28% compared to compared to group net sales of $507.7 million for the same period a year ago.
North America fiber cement segment volume increased 5% for the quarter while North America fiber cement segment net sales increased 10% to $433.8 million for the quarter compared to sales of $393.1 million during the same period a year ago.
The Australian manufacturer also reported a net operating profit of $79.9 million for the first quarter, an increase of 29% compared to $61.7 million in the first quarter last year.
“Our North America fiber cement segment delivered solid top line growth of 10% for the quarter. Volume increased 5%, with our interiors business having only marginal growth and our exteriors business returning to growth above our addressable market,” James Hardie CEO Louis Gries.
Looking ahead, Gries said that James Hardie expects to see steady growth in the U.S. housing market.
“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,” Gries said. “The company expects new construction starts between approximately 1.2 and 1.3 million.”