James Hardie (ASX:JHX) might have notched up another record earnings year, defying tough homebuilding and construction markets in Australia and the US especially, but those headwinds look like they're catching up in the 2024-25 financial year, with lower earnings forecast by the group.

Hardie reported a 17% rise in adjusted full-year net income to a record $US707 million on annual sales, which also hit all-time highs, up 4% to just under $US4 billion.

Hardie said it expects adjusted net income for 2024-24 to come in between $US630 million and $US700 million.

That would be down around 10% at worst from 2024's $US707.5 million, which was up 17% from 2022-23.

The slowdown will come from those persistent headwinds of high interest rates and sticky inflation, which continue to weigh on the housing sector in North America, Australia, and New Zealand.

The North American market accounts for about 74% of the company's global net sales. Australia and NZ lift that to well past 80%.

"The outlook for the housing markets we participate in globally continues to remain uncertain," the company said.

But CEO Aaron Erter was more upbeat as he almost dismissed the downgrade, "Our fiscal year results are proof points that we are accelerating through this cycle and taking share. We have a superior value proposition that helps our customers grow profitably and be successful. Our team is focused on maintaining momentum and consistency to deliver strong financial results again in fiscal year 2025 as highlighted by our guidance range provided today."