Granite Ridge Resources Schedules Second Quarter 2025 Earnings Conference Call
Instructions on how to access the webcast and conference call are shown below.
About Granite Ridge
Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets. We own assets in six prolific unconventional basins across the United States. We aim to deliver a diversified portfolio with best-in-class full cycle returns by investing in a large number of high-graded deals developed by proven public and private operators. We focus on success as measured by total shareholder returns, which we seek to balance with a low leverage profile. For more information, visit Granite Ridge's website at www.graniteridge.com.
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James Hardie Reports First Quarter FY26 Results;
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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. 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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. 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(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 Expand (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 Expand 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 J ames 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. 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 Expand 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 % Expand 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 adjustments 1 (10.0 ) 24.7 Adjusted net income $ 126.9 $ 177.6 Expand 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 adjustments 1 (0.02 ) 0.06 Adjusted diluted earnings per share 2 $ 0.29 $ 0.41 Expand 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 Expand 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 Expand 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 % Expand 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 Expand 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 % Expand 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 Expand 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 % Expand 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 Expand 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 Expand 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 ) Expand 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 adjustments 1 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 % Expand 1 Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and other tax adjustments Expand 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 cash 1 (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 Expand 1 Represents funds for the $1.7 billion senior secured notes entered into in June 2025 and related interest received. Expand Free Cash Flow
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29 minutes ago
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