James Hardie Cuts Fiscal Year Guidance on Housing Market Weakness
November 07 2022 - 4:59PM
Dow Jones News
By Stuart Condie
SYDNEY--Australian building materials supplier James Hardie
Industries PLC cut its annual profit guidance on expectations that
macroeconomic conditions and challenging housing markets will hit
volumes.
James Hardie said it now anticipates adjusted net income for the
12 months through May of between $650 million and $710 million. It
had previously guided for net income of between $730 million and
$780 million.
Chief Executive Aaron Erter said the firm expects housing
markets to remain weak through the remainder of its 2023 fiscal
year and for volumes to soften in North America, Asia-Pacific and
Europe.
James Hardie reported a first-half net profit of $330.5 million
for the six months through September, up 22% on year. Revenue
jumped 14% on year to $2.00 billion.
The company did not declare a dividend but said it would instead
buy back shares worth up to $200 million through October 2023.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
November 07, 2022 16:44 ET (21:44 GMT)
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