Boral and James Hardie shine in building materials sector

Building materials suppliers James Hardie Industries and Boral have both reported bumper results this week, including volume and margin growth, as companies learned to live with uncertain economic times.

Hardies, listed in Australia and New York but with executives based in Chicago, Illinois, reported first quarter FY24 results including record global earnings before interest and taxes (EBIT) of $358 million.

The company’s turnover rose 13 percent to $1.4 billion, while operating cash flow was up 64 percent jump in operating cash flow to $385 million.

Chief Executive Officer Aaron Erter said: “I believe our last two quarterly results are proof points that we are accelerating through this cycle. We have a superior value proposition with the right products and solutions that help our customers grow profitably.”

Meanwhile Boral saw full year EBIT profit up 106 percent to $231.5 million on revenue 17.1 percent higher of $3.5 billion. Operating cash flow was up 66 percent to $358.7 million.

Boral Chief Executive Officer, Vik Bansal said the results showed clear improvement across the entire business.

Bansal said: “We have seen volume growth across all our products, coupled with a disciplined approach to price, cost and cash.”

The company achieved ‘pricing traction’ in all regions and products better cost control and improved price discipline, he said.

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Picture: James Hardie Industries