James Hardie Industries (ASX:JHX) has seen its profits slide in the third quarter ending December 31, 2024, due to challenging conditions in markets as well as the decision to stop manufacturing in the Philippines in particular.

The company said its adjusted net income for the third quarter of fiscal year 2025 had fallen 15% (to $154 million), while net sales were 3% lower (to $953M), and EBITDA (earnings before interest, taxes, depreciation and amortization) was 7% lower.

In the North America Fiber cement business, EBITDA fell 8% to $251M, net sales fell 1%, and volumes were down 3%, as the market remained weak, particularly in multi-family properties; though the company has made inroads into gaining a share in the single-family new construction and repair and remodel market.

Asia Pacific Fiber Cement’s business also recorded falls, with net sales down 13%, and volumes down 28%, although the average net sales price was higher by 20%. This was mainly explained by the decision to stop manufacturing and roll up commercial operations in the Philippines, the company said.

EBITDA for that sector was 3% lower, to $40M, while small decreases in volume were registered in Australia and New Zealand more specifically.

CEO Aaron Erter said despite all that, it had still been a good year for the company.

“We delivered strong business and financial results in the third quarter, and our year-to-date performance shows we have a strong handle on our business as we continue to scale the organization and invest to grow profitably,” he said.

“Our teams are focused on safely delivering the highest quality products, solutions and services to our customers, and we are executing our strategy to outperform our endmarkets.”

JHX shares have been trading at $50.37.

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