James Hardie Faces Continued Constraints in FY18, but New U.S. Capacity Should Drive Solid Growth
Capacity constraints held narrow-moat James Hardie Industries back in fiscal 2018, with a meagre 1% lift in sales volume of U.S. fibre cement. While this result was largely in line with our forecast, the missed opportunity is apparent when considering that U.S. single-family unit starts rose 8.9% over the same period. With volume growth subdued, favourable pricing still drove the U.S. net sales uplift of 6%, while segment EBIT rose 11% to USD 381.9 million, owing mostly to an improved gross marg...James Hardie Industries is engaged in the manufacturing and selling of fiber cement products and systems for internal and external building construction applications in the United States, Australia, New Zealand, the Philippines and Europe. Co.'s fiber cement products are used in a number of markets, including new residential construction, manufactured housing, repair and remodeling and a variety of commercial and industrial applications. Co. manufactures numerous types of fiber cement products with a variety of patterned profiles and surface finishes for a range of applications, including external siding and soffit lining, internal linings, facades, and floor and tile underlayments.
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