Washington Bridge rebuild to cost up to $427M. Expect to drive on it by late 2028.
The completion date and cost for a new westbound Washington Bridge is finally here. But it will take two more years and $59 million more than expected to resurrect a new thoroughfare connecting Providence and East Providence.
Gov. Dan McKee unveiled the November 2028 target completion date and an up-to-$427 million contract cost at a State House press conference Friday.
The long-awaited news comes nearly a year-and-a-half after state officials halted all traffic on the westbound highway after engineers discovered broken anchor rods that put the bridge spanning the Seekonk River at risk of collapse.
State officials originally sought to rebuild the bridge by August 2026 at an estimated cost of $368 million.
'I understand that this has been a challenging time for those who rely on the Washington Bridge, especially in the early days before we were able to restore six lanes of traffic,' McKee said. 'We owe it to you to deliver a bridge that is safe and will ultimately make your lives easier.'
Tasked with constructing the new bridge is Walsh Construction Company. The Chicago-based firm worked on the Pearl Harbor Memorial Bridge on Interstate 95 over the Quinnipiac River in New Haven, Connecticut, along with the Interstate 90 Westbound Innerbelt Bridge in Cleveland, Ohio.
For this project, the firm will draw from its design of the Chain of Rocks Bridge in St. Louis, Walsh Program Manager Charles Parish told reporters.
'It's not often that you get to build the same project twice, or the same bridge twice,' Parish said. 'But our ability to do that on the new Washington Bridge gave us the confidence to commit to both the price and schedule that we're sure we can meet.'
The state's plan calls for five lanes of travel over the new bridge, along with an onramp from Gano Street in Providence and a new offramp to Waterfront Drive in East Providence. The original bridge had four lanes.
Construction is scheduled to begin next month, which overlaps with the ongoing demolition of the existing bridge. Demolition contractor Aetna Bridge Company is expected to complete its work by the end of 2025.
During that time, Walsh will secure permitting, workers, and pre-fabricate material to rebuild the bridge, Parish said.
Walsh will be paid at least $339 million to build the new bridge, with incentives and contingencies that could bring the total cost up to $427 million. The deal also has built-in daily penalties of $25,000 for exceeding the project deadline. With demolition and emergency repairs, the entire project adds up to $570 million, which is 'well within what we budget,' McKee said.
McKee's administration has identified more than $713 million in financing available for the project over the last year. That includes $35 million in remaining pandemic relief aid, $107.6 million from the state's capital plan fund, and up to $334.6 million in Grant Anticipation Revenue Vehicles bonds, which allow the state to borrow against future allocations of federal transportation money.
The state was also awarded nearly a pair of federal infrastructure grants worth roughly $221 million. The grants were temporarily frozen under President Donald Trump's initial flurry of executive orders, but released to Rhode Island in late March.
However, Rhode Island Attorney General Peter Neronha, in a lawsuit filed with 19 other states in May, warned that funding could still be at risk due to a federal directive tying infrastructure grants to compliance with the Trump administration's diversity and immigration policies.
McKee said he does not believe federal funds will be taken away from the project.
'We have the sign off from [Transportation] Secretary (Sean) Duffy,' the governor said Friday.
Also unclear: how the new price tag will impact the state's budget. House Speaker K. Joseph Shekarchi said in a statement that legislative leaders will review the governor's announcement as they shape a final fiscal 2026 budget.
'As the bridge project moves forward, the House of Representatives will continue its work ensuring the administration is accountable,' Shekarchi said.
Walsh was one of two finalists vying to rebuild the bridge after the state issued its latest bidding window last December. The other proposal came from a joint venture by American Bridge and MLJ, firms based respectively in Pennsylvania and New York.
Rhode Island Director of Transportation Peter Alviti Jr. said both companies were qualified and made similar technical proposals. Walsh's proposal projected around $340 million in hard construction costs, while American Construction and MLJ's bid estimated nearly $387 million.
Because it did not win the state's tentative contract, the losing bidder will receive a $1.75 million consolation prize for participating, as set out in the state's solicitation. It took two rounds of requests or proposals to yield any firm bids, a sore spot that McKee's critics continue to seize on, including his potential 2026 Democratic gubernatorial rival, Helena Buonanno Foulkes.
'Governor McKee's catastrophic failure to manage the Washington Bridge has impacted countless Rhode Island families and businesses, forcing them to endure longer commutes, lost wages, and economic hardship,' Foulkes said in a statement Friday.
But McKee said he has no regrets.
'As far as I'm concerned we're in a good spot,' he said. 'The people in the state of Rhode Island know that the funding is there, the time schedule is there, and we have a quality bridge-builder to actually execute the project.'
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James Hardie Reports First Quarter FY26 Results; Issues FY26 Guidance Reflecting Closing of AZEK Acquisition
Q1 FY26 Net Sales of $900 Million With Average Net Sales Price Growth Across All Regions Operating Income of $139 Million, Adjusted EBITDA of $226 Million AZEK June Quarter Results Exceeded Guidance with +MSD% Deck, Rail & Accessories Sell-Through Growth Integration On-Track, Early Cost Synergy Achievement and Quick Commercial Synergy Wins SYDNEY & CHICAGO, August 19, 2025--(BUSINESS WIRE)--James Hardie Industries plc (NYSE / ASX : JHX) ("James Hardie" or the "Company"), a leading provider of exterior home and outdoor living solutions, today announced results for its first quarter ending June 30, 2025. Aaron Erter, CEO said, "Our first quarter results were largely as we had anticipated, and reflect an expected normalization of channel inventories, due to moderating growth expectations by customers as uncertainty built throughout April and early May. We remain committed to outperforming market demand over the long term and are employing strategies to deliver on this commitment, notwithstanding near-term conditions. Our actions are centered around our value proposition to customers, and our solid execution against these strategies amplifies our expansive material conversion opportunity. We are resolute in our strategy that is grounded in being homeowner focused, customer and contractor driven. In essence this means that the driving force of our business is our unwavering commitment to delivering winning solutions across the customer value chain." Mr. Erter continued, "AZEK again exceeded guidance, sustaining top line momentum and impressive profitability. For Deck, Rail & Accessories, solid sell-through growth demonstrates the resilient demand profile of the category and TimberTech's strong value proposition. We are working diligently to integrate and deliver on cost and commercial synergies on an accelerated timeline, positioning ourselves to capture the expansive material conversion opportunity ahead and deliver on our long-term value creation commitments to shareholders. Early enthusiastic feedback on our combination with AZEK from dealer customers has been very encouraging, and our confidence in the strategic logic of the combined enterprise is greater than ever. I am so proud of the focus and dedication shown by our One Hardie Team over the last 50 days, and I am confident that together we are elevating James Hardie to be a clear leader in the building products industry." Consolidated Financial Information Q1 FY26 Q1 FY25 Change Group (US$ millions, except per share data) Net Sales 899.9 991.9 (9%) Operating Income 138.6 235.4 (41%) Operating Income Margin 15.4% 23.7% (830bps) Adjusted EBITDA 225.5 285.8 (21%) Adjusted EBITDA Margin 25.1% 28.8% (370bps) Net Income 62.6 155.3 (60%) Adjusted Net Income 126.9 177.6 (29%) Diluted EPS - US$ per share 0.15 0.36 (59%) Adjusted Diluted EPS - US$ per share 0.29 0.41 (28%) Segment Business Update and Results North America Fiber Cement Q1 FY26 Q1 FY25 Change North America Fiber Cement (US$ millions) Net Sales 641.8 729.3 (12%) Operating Income 161.2 227.3 (29%) Operating Income Margin 25.1% 31.2% (610bps) Adjusted EBITDA 205.8 263.4 (22%) Adjusted EBITDA Margin 32.1% 36.1% (400bps) Net sales decreased (12%), due primarily to lower volumes driven by soft market demand and inventory management by our customers, partially offset by an increase in average net sales price. Volume declines were similar across Single-Family Exteriors and Interiors, while Multi-Family volumes grew modestly. Single-Family Exteriors declined primarily due to a softening outlook for new construction across the South, where James Hardie has built strong leadership positions with large homebuilders in key long-term growth markets like Texas, Florida and Georgia. Housing markets in these geographies have been especially impacted in the near term by affordability challenges and elevated housing inventory. Adjusted EBITDA margin decreased (400bps) to 32.1%, due to unfavorable production cost absorption associated with lower volumes in addition to unfavorable raw materials, partially offset by a higher average net sales price and Hardie Operating System (HOS) savings. In North America, the Company remains committed to delivering a superior value proposition to customers and a leading margin profile to support our capital allocation priorities despite near-term market headwinds. James Hardie's significant material conversion opportunity and investments across the North American manufacturing footprint have positioned the Company well to capitalize as the market returns to growth and the long-term housing fundamentals play through. The Company is investing across the value chain and growing its contractor base to capture the repair & remodel opportunity. Similarly, in new construction, efforts to deepen exclusivity and increase trim attachment rates support growth and share gain with large homebuilders. In a clear demonstration of the appreciation for James Hardie's innovative product solutions and unrivaled business support, the Company continues to secure multi-year, national hard siding and trim exclusivity agreements, including with Beazer Homes in July. Asia Pacific Fiber Cement Q1 FY26 Q1 FY25 Change Asia Pacific Fiber Cement (US$ millions) Net Sales 121.6 135.3 (10%) Net Sales (A$) (8%) Operating Income 37.8 41.2 (8%) Operating Income Margin 31.1% 30.4% +70bps EBITDA 43.0 46.0 (7%) EBITDA Margin 35.4% 34.0% +140bps Net sales decreased (10%), or (8%) in Australian dollars, with an EBITDA margin of 35.4%, an increase of +140bps. For the segment, lower volumes, higher average net sales price and the increase in margins were each primarily attributable to the closure of the Philippines manufacturing operations in August 2024. Australia & New Zealand (ANZ) together saw volume and average net sales price each increase by low single-digits, leading to a mid-single digit increase in net sales in Australian dollars. ANZ EBITDA grew modestly and EBITDA margin was flat as the benefit from top-line growth and HOS savings were offset by increased investment in sales and marketing initiatives. In ANZ, the Company is driving growth through new customer acquisitions and project conversion enabled by customer collaboration. The Company is influencing how homeowners build, and driving growth through Co-Creation and leveraging the James Hardie brand. The teams are innovating to accelerate material conversion with a key focus on new construction, specifically the conversion of brick & masonry. Overall, while market demand remains challenged, the ANZ team is focused on finding further manufacturing efficiencies and driving HOS savings to underpin the segment's consistent profitability. Europe Building Products Q1 FY26 Q1 FY25 Change Europe Building Products (US$ millions) Net Sales 136.5 127.3 +7% Net Sales (€) +2% Operating Income 15.1 12.2 +24% Operating Income Margin 11.1% 9.6% +150bps EBITDA 21.9 19.7 +11% EBITDA Margin 16.0% 15.5% +50bps Net sales increased +7%, or +2% in Euros, driven by higher average net sales price partially offset by lower volumes, with Germany declining low single-digits and the UK growing mid-single digits. EBITDA margin increased +50bps to 16.0%, attributable to a higher average net sales price, as well as lower freight and raw material costs. Higher SG&A expense relates to increased investment in sales teams supporting growth strategies for high-value products. Markets across Europe remain challenged, particularly in Germany, the Company's largest European market, where improvement is anticipated to be more gradual. Growth in high-value products remains a strategic priority, as leveraging a broader and deeper product portfolio should accelerate share gains and customer wins. Therm25TM fiber gypsum flooring continues to receive praise across the industry, most recently being recognized by Plus X Award across several categories, including innovation, quality and sustainability. The team has a solid plan to expand margins comprised of purposeful investment to drive operating leverage alongside sales growth and HOS savings from the optimization of our production footprint and freight management. Update to Reporting Segments As a result of the closing of The AZEK® Company (AZEK) acquisition on July 1, 2025, beginning with the second quarter of FY26, James Hardie expects to classify its business into four reportable segments: Siding & Trim, consisting of the legacy North America Fiber Cement segment and the acquired Exteriors business from AZEK Deck, Rail & Accessories, consisting of AZEK's Deck, Rail & Accessories business Australia & New Zealand, consisting of the legacy Asia Pacific Fiber Cement segment Europe, consisting of the legacy Europe Building Products segment Outlook FY26 Guidance Speaking to the Company's market outlook, Mr. Erter said, "Presently, demand in both repair & remodel and new construction in North America is challenging. Uncertainty is a common thread throughout conversations with customer and contractor partners. Homeowners are deferring large-ticket remodeling projects like re-siding, and affordability remains the key impediment to improvement in single-family new construction, where more recently, homebuilders are moderating their demand expectations and slowing starts to align their home inventory with a decelerating pace of traffic and sales. In May, we built into our full-year guidance an assumption that end market demand could decline by approximately mid-single digits, driven by expectations for further decline in repair & remodel. Over the course of the summer, single-family new construction activity has been weaker than anticipated and we have adjusted our expectations to account for softer demand. Furthermore, we believe it is prudent to plan for further inventory calibration by our channel partners into the back half of the calendar year. Amidst this dynamic, we are also conservatively expecting to benefit from recent homebuilder exclusivity wins and new product launches more so in FY27 and beyond, rather than in the back half of FY26 as previously planned." Mr. Erter continued, "The material conversion opportunity that lies ahead is substantial. Through our focused strategies and organic investments, we have bolstered our leadership position to benefit disproportionately as the industry continues to move away from installing wood and vinyl siding. Now, with the acquisition of AZEK, we have greatly expanded our overall material conversion opportunity, establishing a comprehensive offering of exterior home and outdoor living solutions that will drive sustained above-market growth over the long-term." Rachel Wilson, CFO, added with respect to financial guidance, "We continue to navigate a dynamic near-term environment while also remaining focused on scaling the organization and investing where we see returns to drive long-term profitable growth. For FY26, we are issuing guidance that now reflects three quarters of inorganic contribution from AZEK in addition to the organic James Hardie business. Net Sales for Siding & Trim: $2.675 to $2.850 billion Net Sales for Deck, Rail & Accessories: $775 to $800 million Total Adjusted EBITDA: $1.05 to $1.15 billion Free Cash Flow: At least $200 million Note: All guidance includes a partial-year contribution from the AZEK acquisition which was incorporated into James Hardie results beginning at closing on July 1, 2025. Free Cash Flow is defined as net cash provided by operating activities less purchases of property, plant and equipment. FY26 Free Cash Flow guidance includes an estimated ~$315mm of incremental Interest Expense and Transaction & Integration costs related to the AZEK acquisition. Cash Flow, Capital Investment & Allocation Operating cash flow totaled $207 million for the first quarter of FY26, driven by net income, adjusted for non-cash items of $205 million and lower working capital of $84 million, partially offset by $29 million of asbestos claims and handling costs paid. Capital expenditures were $103 million. During Q1 FY26, the Company invested $25 million related to capacity expansion, primarily related to our new Prattville ColorPlus® facility and brownfield expansion of our fiber gypsum facility in Orejo, Spain, both of which are expected to be completed in Q2 FY26. For FY26, the Company estimates total capital expenditures will be approximately $400 million, which includes AZEK expenditures of approximately $75 million. During Q1 FY26, in anticipation of closing the AZEK transaction the Company used $291 million to repay its existing term loan and announced the successful syndication of new credit facilities including a $1.0 billion revolving credit facility and $2.5 billion senior secured Term Loan A, which reduced commitments under the Company's bridge facility at the time. In connection with issuing the new credit facilities, the Company also entered into a $1.0 billion interest rate swap to both increase interest rate certainty and lower interest expense. Also during the quarter, the Company successfully closed $1.7 billion of senior secured notes, with the proceeds placed into escrow. At the end of the quarter, the credit facilities were undrawn, the notes were included in long-term debt and the proceeds from the notes were accounted for in restricted cash and cash equivalents on the balance sheet. Subsequent to the end of Q1 FY26, on July 1st the Company successfully completed its previously announced acquisition of AZEK. In connection with the closing of the transaction, the Company drew on its Term Loan A and used cash on hand and the proceeds from the senior secured notes to repay AZEK's outstanding debt and satisfy the cash consideration component of the transaction. To satisfy the stock component of the transaction, the company also issued 148.9 million shares of common stock to AZEK shareholders. The transaction increased total shares outstanding to approximately 580 million, and increased the company's long-term debt to approximately $5.1 billion, including $2.5 billion of Term Loan A, $1.7 billion of senior secured notes and $0.9 billion of other notes outstanding prior to the transaction. The Company did not draw on its revolving credit facility in connection with the closing of the transaction. Reported Financial Results (Millions of US dollars) (Unaudited) June 30 2025 March 31 2025 Assets Current assets: Cash and cash equivalents $ 391.6 $ 562.7 Restricted cash and cash equivalents 1,707.8 5.0 Restricted cash and cash equivalents - Asbestos 12.4 37.9 Restricted short-term investments - Asbestos 183.2 175.8 Accounts and other receivables, net 323.2 391.8 Inventories 382.9 347.1 Prepaid expenses and other current assets 86.6 100.6 Assets held for sale 75.9 73.1 Insurance receivable - Asbestos 5.7 5.5 Workers' compensation - Asbestos 2.4 2.3 Total current assets 3,171.7 1,701.8 Property, plant and equipment, net 2,230.1 2,169.0 Operating lease right-of-use-assets 69.7 70.4 Goodwill 209.7 193.7 Intangible assets, net 155.7 145.6 Insurance receivable - Asbestos 23.2 23.2 Workers' compensation - Asbestos 17.1 16.5 Deferred income taxes 595.0 600.4 Deferred income taxes - Asbestos 288.2 284.5 Other assets 26.3 24.8 Total assets $ 6,786.7 $ 5,229.9 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 502.5 $ 446.4 Accrued payroll and employee benefits 88.6 133.3 Operating lease liabilities 21.8 21.6 Long-term debt, current portion — 9.4 Accrued product warranties 6.8 7.3 Income taxes payable 15.1 10.3 Asbestos liability 124.5 119.4 Workers' compensation - Asbestos 2.4 2.3 Other liabilities 81.9 60.2 Total current liabilities 843.6 810.2 Long-term debt 2,524.9 1,110.1 Deferred income taxes 129.2 121.1 Operating lease liabilities 63.3 63.9 Accrued product warranties 27.0 26.9 Asbestos liability 870.7 864.2 Workers' compensation - Asbestos 17.1 16.5 Other liabilities 54.6 55.5 Total liabilities 4,530.4 3,068.4 Total shareholders' equity 2,256.3 2,161.5 Total liabilities and shareholders' equity $ 6,786.7 $ 5,229.9 (Unaudited) Three Months Ended June 30 (Millions of US dollars, except per share data) 2025 2024 Net sales $ 899.9 $ 991.9 Cost of goods sold 563.0 595.0 Gross profit 336.9 396.9 Selling, general and administrative expenses 156.1 149.8 Research and development expenses 12.1 11.8 Acquisition related expenses 29.4 — Asbestos adjustments 0.7 (0.1 ) Operating income 138.6 235.4 Interest, net 37.8 1.7 Other expense (income), net 11.1 (0.2 ) Income before income taxes 89.7 233.9 Income tax expense 27.1 78.6 Net income $ 62.6 $ 155.3 Income per share: Basic $ 0.15 $ 0.36 Diluted $ 0.15 $ 0.36 Weighted average common shares outstanding (Millions): Basic 429.9 433.1 Diluted 431.1 434.5 (Unaudited) Three Months Ended June 30 (Millions of US dollars) 2025 2024 Cash Flows From Operating Activities Net income $ 62.6 $ 155.3 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 56.5 49.8 Lease expense 8.3 8.0 Deferred income taxes 13.8 41.6 Stock-based compensation 6.9 4.3 Asbestos adjustments 0.7 (0.1 ) Non-cash interest expense 33.6 0.5 Other, net 22.1 8.4 Changes in operating assets and liabilities: Accounts and other receivables 77.7 (0.2 ) Inventories (26.8 ) (31.4 ) Operating lease assets and liabilities, net (7.9 ) (8.4 ) Prepaid expenses and other assets (16.9 ) (7.9 ) Insurance receivable - Asbestos 0.9 1.3 Accounts payable and accrued liabilities 33.3 19.5 Claims and handling costs paid - Asbestos (29.3 ) (26.7 ) Income taxes payable 4.6 22.0 Other accrued liabilities (33.2 ) (50.9 ) Net cash provided by operating activities $ 206.9 $ 185.1 Cash Flows From Investing Activities Purchases of property, plant and equipment $ (103.2 ) $ (129.8 ) Capitalized interest (2.1 ) (6.2 ) Purchase of restricted investments - Asbestos (56.6 ) (58.8 ) Proceeds from restricted investments - Asbestos 56.6 55.0 Net cash used in investing activities $ (105.3 ) $ (139.8 ) Cash Flows From Financing Activities Proceeds from senior secured notes $ 1,700.0 $ — Repayments of term loan (290.6 ) (1.9 ) Debt issuance costs (6.3 ) — Repayment of finance lease obligations (0.3 ) (0.3 ) Shares repurchased — (75.0 ) Taxes paid related to net share settlement of equity awards — (0.2 ) Net cash provided by (used in) financing activities $ 1,402.8 $ (77.4 ) Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos $ 1.8 $ (0.4 ) Net increase in cash and cash equivalents, restricted cash and restricted cash - Asbestos 1,506.2 (32.5 ) Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period 605.6 415.8 Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period $ 2,111.8 $ 383.3 Non-Cash Investing and Financing Activities Capital expenditures incurred but not yet paid $ 19.6 $ 37.9 Non-cash ROU assets obtained in exchange for new lease liabilities $ 2.7 $ 7.1 Further Information Readers are referred to the Company's Condensed Consolidated Financial Statements and Management's Analysis of Results for the first quarter ended June 30, 2025 for additional information regarding the Company's results. All comparisons made are vs. the comparable period in the prior fiscal year and amounts presented are in US dollars, unless otherwise noted. Conference Call Details James Hardie will hold a conference call to discuss results and outlook Tuesday, August 19, 2025 at 6:00pm EST (Wednesday, August 20, 2025 at 8:00am AEST). Participants may register for a live webcast and access a replay following the event of the event on the Investor Relations section of the Company's website ( Annual General Meeting James Hardie announced that the Annual General Meeting (AGM) will be held on Wednesday, October 29, 2025 at 8:00pm GMT / 4:00pm EST / Thursday, October 30, 2025 at 7:00am AEDT. Further information will be made available in the Company's Notice of Meeting. About James Hardie James Hardie Industries plc is the industry leader in exterior home and outdoor living solutions, with a portfolio that includes fiber cement, fiber gypsum, and composite and PVC decking and railing products. Products offered by James Hardie are engineered for beauty, durability, and climate resilience, and include trusted brands like Hardie®, TimberTech®, AZEK® Exteriors, Versatex®, fermacell® and StruXure®. With a global footprint, the James Hardie portfolio is marketed and sold throughout North America, Europe, Australia and New Zealand. James Hardie Industries plc is incorporated and existing under the laws of Ireland. As an Irish plc, James Hardie is governed by the Irish Companies Act. James Hardie's principal executive offices are located at 1st Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02 FD79, Ireland. Cautionary Note and Use of Non-GAAP Measures This Earnings Release includes financial measures that are not considered a measure of financial performance under generally accepted accounting principles in the United States (GAAP), such as Adjusted Net Income, Adjusted Operating Income, Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow. These non-GAAP financial measures should not be considered to be more meaningful than the equivalent GAAP measure. Management has included such measures to provide investors with an alternative method for assessing its operating results in a manner that is focused on the performance of its ongoing operations and excludes the impact of certain legacy items, such as asbestos adjustments, or significant non-recurring items, such as asset impairments, restructuring expenses, acquisition and pre-close financing related costs, as well as adjustments to tax expense. Additionally, management uses such non-GAAP financial measures for the same purposes. However, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be reported by all of the Company's competitors and may not be directly comparable to similarly titled measures of the Company's competitors due to potential differences in the exact method of calculation. A reconciliation of these adjustments to the most directly comparable GAAP measure is included in this Earnings Release below. The Company is unable to forecast the comparable US GAAP financial measure for future periods due to, amongst other factors, uncertainty regarding the impact of actuarial estimates on asbestos-related assets and liabilities in future periods. This Earnings Release contains forward-looking statements and information that are subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to be materially different from those expressed or implied in this release, including, among others, the risks and uncertainties set forth in Section 3 "Risk Factors" in James Hardie's Annual Report on Form 20-F for the fiscal year ended March 31, 2025; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the level of construction generally; changes in cement demand and prices; changes in raw material and energy prices; changes in business strategy; the AZEK acquisition and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. James Hardie assumes no obligation to update or correct the information contained in this Earnings Release except as required by law. This Earnings Release has been authorized by the James Hardie Board of Directors. Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin US$ Millions Three Months Ended June 30 FY26 FY25 Operating income $ 138.6 $ 235.4 Asbestos related expenses and adjustments 1.0 0.6 Acquisition related expenses 29.4 — Depreciation and amortization 56.5 49.8 Adjusted EBITDA $ 225.5 $ 285.8 Three Months Ended June 30 FY26 FY25 Operating income margin 15.4 % 23.7 % Asbestos related expenses and adjustments 0.1 % 0.1 % Acquisition related expenses 3.3 % — % Depreciation and amortization 6.3 % 5.0 % Adjusted EBITDA margin 25.1 % 28.8 % Adjusted net income and Adjusted diluted earnings per share US$ Millions, except per share amounts Three Months Ended June 30 FY26 FY25 Net income $ 62.6 $ 155.3 Asbestos related expenses and adjustments 1.0 0.6 AICF interest income (2.6 ) (3.0 ) Pre-close financing costs 46.5 — Acquisition related expenses 29.4 — Tax adjustments1 (10.0 ) 24.7 Adjusted net income $ 126.9 $ 177.6 Three Months Ended June 30 FY26 FY25 Net income per common share - diluted $ 0.15 $ 0.36 Asbestos related expenses and adjustments — — AICF interest income (0.01 ) (0.01 ) Pre-close financing costs 0.10 — Acquisition related expenses 0.07 — Tax adjustments1 (0.02 ) 0.06 Adjusted diluted earnings per share2 $ 0.29 $ 0.41 1 Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and other tax adjustments 2 Weighted average common shares outstanding used in computing diluted net income per common share of 431.1 million and 434.5 million for the three months ended June 30, 2025 and 2024, respectively North America Fiber Cement Adjusted EBITDA and Adjusted EBITDA margin US$ Millions Three Months Ended June 30 FY26 FY25 North America Fiber Cement Segment operating income $ 161.2 $ 227.3 Acquisition related expenses 1.0 — Depreciation and amortization 43.6 36.1 North America Fiber Cement Segment Adjusted EBITDA $ 205.8 $ 263.4 Three Months Ended June 30 FY26 FY25 North America Fiber Cement Segment operating income margin 25.1 % 31.2 % Acquisition related expenses 0.2 % — % Depreciation and amortization 6.8 % 4.9 % North America Fiber Cement Segment Adjusted EBITDA margin 32.1 % 36.1 % Asia Pacific Fiber Cement Segment EBITDA and EBITDA margin US$ Millions Three Months Ended June 30 FY26 FY25 Asia Pacific Fiber Cement Segment operating income $ 37.8 $ 41.2 Depreciation and amortization 5.2 4.8 Asia Pacific Fiber Cement Segment EBITDA $ 43.0 $ 46.0 Three Months Ended June 30 FY26 FY25 Asia Pacific Fiber Cement Segment operating income margin 31.1 % 30.4 % Depreciation and amortization 4.3 % 3.6 % Asia Pacific Fiber Cement Segment EBITDA margin 35.4 % 34.0 % Europe Building Products Segment EBITDA and EBITDA margin US$ Millions Three Months Ended June 30 FY26 FY25 Europe Building Products Segment operating income $ 15.1 $ 12.2 Depreciation and amortization 6.8 7.5 Europe Building Products Segment EBITDA $ 21.9 $ 19.7 Three Months Ended June 30 FY26 FY25 Europe Building Products Segment operating income margin 11.1 % 9.6 % Depreciation and amortization 4.9 % 5.9 % Europe Building Products Segment EBITDA margin 16.0 % 15.5 % Adjusted General Corporate and Unallocated R&D Costs US$ Millions Three Months Ended June 30 FY26 FY25 General Corporate and Unallocated R&D costs $ 75.5 $ 45.3 Acquisition related expenses (28.4 ) — Asbestos related expenses and adjustments (1.0 ) (0.6 ) Adjusted General Corporate and Unallocated R&D costs $ 46.1 $ 44.7 Adjusted interest, net US$ Millions Three Months Ended June 30 FY26 FY25 Interest, net $ 37.8 $ 1.7 Pre-close financing and interest costs (34.9 ) — AICF interest income 2.6 3.0 Adjusted interest, net $ 5.5 $ 4.7 Adjusted other income, net US$ Millions Three Months Ended June 30 FY26 FY25 Other expense (income), net $ 11.1 $ (0.2 ) Non-cash loss on interest rate swap (11.6 ) — Adjusted other income, net $ (0.5 ) $ (0.2 ) Adjusted income before income taxes, Adjusted income tax expense and Adjusted effective tax rate US$ Millions Three Months Ended June 30 FY26 FY25 Income before income taxes $ 89.7 $ 233.9 Asbestos related expenses and adjustments 1.0 0.6 AICF interest income (2.6 ) (3.0 ) Pre-close financing costs 46.5 — Acquisition related expenses 29.4 — Adjusted income before income taxes $ 164.0 $ 231.5 Income tax expense $ 27.1 $ 78.6 Tax adjustments1 10.0 (24.7 ) Adjusted income tax expense $ 37.1 $ 53.9 Effective tax rate 30.2 % 33.6 % Adjusted effective tax rate 22.6 % 23.3 % 1 Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and other tax adjustments Net Leverage Ratio US$ Millions June 30 FY26 FY25 Numerator: Total principal amount of debt $ 2,569.2 $ 1,123.8 Less: Cash and cash equivalents (391.6 ) (360.1 ) Less: Restricted cash1 (1,702.8 ) — Add: Letters of credit and bank guarantees 6.0 6.8 Total $ 480.8 $ 770.5 Denominator: (Trailing 12 months) Operating income $ 559.1 $ 768.9 Asbestos related expenses and adjustments 140.9 153.6 Restructuring expenses 50.3 20.1 Acquisition related expenses 45.9 — Depreciation and amortization 222.9 189.9 Stock compensation - equity awards 25.6 26.4 Total $ 1,044.7 $ 1,158.9 Net Leverage ratio 0.46x 0.66x 1 Represents funds for the $1.7 billion senior secured notes entered into in June 2025 and related interest received. Free Cash Flow US$ Millions Three Months Ended June 30 FY26 FY25 Net cash provided by operating activities $ 206.9 $ 185.1 Purchases of property, plant and equipment (103.2 ) (129.8 ) Free Cash Flow $ 103.7 $ 55.3 View source version on Contacts Investor and Media Contact Joe Ahlersmeyer, CFA Vice President, Investor Relations+1 773-970-1213investors@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
22 minutes ago
- CBS News
Target fires hundreds of Little Village warehouse employees apparently for medical loan scheme
Hundreds of Target workers in Chicago appear to be out of a job after a scheme to not pay back medical loans offered by the company. An internal investigation found team members violated the company's ethics at the Little Village warehouse. A Block Club Chicago report says the firings all stem from the company's medical loan program, which gave out loans of more than $3,00 to cover expenses. But a loophole let some workers pay back just $50 of the loan and get the remaining balance erased. Up to 700 employees may have been fired; the scheme cost the company $1 million. Target told CBS News Chicago there are now measures in place to prevent this from happening again.
Yahoo
30 minutes ago
- Yahoo
Neighbors push back against proposed Iredell County data center
A proposed massive data center is already receiving pushback from neighbors in Iredell County. According to the Charlotte Observer, Texas-based Compass Data Centers wants to rezone 340 acres of Stamey Farm Road. ALSO READ: Developers withdraw plan for massive Mooresville data center However, the Iredell County Zoning Department will be holding a meeting to discuss this plan. A final decision is expected in October. VIDEO: Developers withdraw plan for massive Mooresville data center Solve the daily Crossword
