James Hardie Earnings: Record Results To Be Followed by an Expected Slump in Sales

Wide-moat James Hardie’s fiscal 2024 net sales of USD 3.9 billion and adjusted net income of USD 708 million was a record result for the group, and in line with our expectations. The result was driven by a 9% increase in volumes and a 4% increase in pricing in North America, which contributes about three fourths of group revenue. But with the US cash rate still elevated, consumers are reigning in discretionary spending on renovations for now, leading to a lower fiscal 2025 outlook.