James Hardie Industries (JHX.AX) Q4 2024 Earnings Report

James Hardie delivered a solid QQ4 2024 with notable top-line momentum led by North America, supported by ongoing demand creation and strategic share gains. Quarterly net sales of $1.0049 billion rose 9% year over year, while adjusted net income increased 19% to $174.2 million and EBITDA margin expanded to 27.9% (up 250 bps). North America demonstrated robust profitability, with EBIT margin of 31.7% and cash-generative operations contributing to a FY24 record operating cash flow of $914.2 million (+50% YoY). The company also showcased resilient operating momentum across APAC and Europe, though APAC and EU face near-term end-market headwinds and mix shifts toward higher-value products.

Management articulated a clear growth framework anchored in three strategic pillars: profitably grow and take share where the company has the right to win; deliver high-value differentiated solutions; and connect, influence, and strengthen the customer value chain. The FY25 guidance emphasizes continued profitable share gains (PDG of at least 4%), disciplined investment in demand creation and HOS (Hardie Operating System), and capacity expansion to support material conversion. Key risks include raw material cost pressure, macro housing cycles (notably R&R weakness in the near term), and the variability of the European and Australian markets. The company also signaled ongoing capital discipline with CapEx guidance of $500-550 million for FY25 and a buyback program, reinforcing a balanced approach to growth and shareholder value.