James Hardie 3Q Net Profit Falls, Downgrades Fiscal Year Adjusted Income Guidance
February 13 2023 - 5:30PM
Dow Jones News
By Rhiannon Hoyle
James Hardie Industries PLC on Tuesday reported a fall in
third-quarter net profit and downgraded its estimate for full-year
adjusted income, citing declining volumes amid a market
downturn.
The building-materials producer said it made net income of
US$100.1 million in the three months through December, down from
US$135.4 million in the same period a year ago. Net income for the
nine months ended Dec. 31 was up by 6% at US$430.6 million.
James Hardie said adjusted net income was also weaker, falling
to US$129.2 million in its fiscal third quarter from US$154.1
million in the same period a year ago. Adjusted net income for the
first three quarters of its fiscal year totaled US$459.3 million,
versus US$443.2 million in the year-prior period.
"Based on our lower than expected second-half volume results in
both North America and APAC and restructuring charges incurred in
the second half, management has lowered the fiscal year 2023
adjusted net income guidance range," the company said.
James Hardie said it now expects full-year adjusted net income
of between US$600 million and US$620 million, down from between
US$650 million and US$710 million previously.
The company recorded adjusted net income of US$620.7 million for
fiscal year 2022.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 13, 2023 17:15 ET (22:15 GMT)
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