James Hardie Raises Q1 Fiscal Year 2021 Guidance
James Hardie Industries plc (“James Hardie”), raised guidance for the first quarter of fiscal year 2021 ending 30 June 2020.
– Provided guidance for Q1 FY21 North America Exteriors volume to be in a range of flat to +2% growth compared to the prior corresponding period (“pcp”);
– Increased and narrowed its previously guided range for Q1 FY21 North America Adjusted EBIT margin, from 22% – 27%, to 27% – 29%;
– Increased liquidity guidance from greater than US$600 million at 30 June 2020, to greater than US$640 million at 30 June 2020;
– Improved leverage ratio guidance from less than 2.0x at 30 June 2020, to less than 1.80x at 30 June 2020;
– Provided guidance for Q1 FY21 Australia volume to be flat compared to pcp; and
– Provided guidance for Q1 FY21 Europe volume to be in a range of down 14% to down 11% compared to pcp.
Dr. Jack Truong noted, “In North America, housing market activity has steadily improved during the past seven weeks despite the COVID-19 pandemic. The better than expected underlying housing market during our Q1 FY21 combined with our continued focus on customer engagement to drive market share gains, resulted in volume growth in the second half of the first quarter. This improved volume result and our continued execution of lean manufacturing led to the increase of our Adjusted EBIT margin guidance range.”
“In addition, the quick and decisive capital management and working capital actions that we took beginning in mid-March continue to drive an improved liquidity and leverage position. Our relentless focus on these actions along with the continued profitable growth led to the improvement of our liquidity and leverage guidance.”
Dr. Truong concluded, “Our integrated management system, with clearly defined and connected processes, continues to enable the very good execution of our strategic plan through the pandemic and associated volatile markets. Our global team remains relentlessly focused on delivering growth above market with strong returns.”
James Hardie’s guidance is based on current estimates and assumptions and is subject to a number of known and unknown uncertainties and risks, including those risks related to the COVID-19 pandemic and set forth below in “Forward-Looking Statements.”
Management will conduct its Q1 FY21 results briefing on Tuesday 11 August 2020, 09:00 Sydney, Australia time. A teleconference and webcast will be available for analysts, investors and media.
This media release has been authorized by the James Hardie Board of Directors.
Anna Collins – Investor & Media Relations – firstname.lastname@example.org – + 61 2 8845 3356
Source: James Hardie Industries plc