JHXCD James Hardie Industries SE

By David Winning

SYDNEY--James Hardie Industries PLC downgraded its annual earnings guidance, partly to reflect inflationary pressures that are affecting its building product businesses around the world.

James Hardie said it now expects adjusted net income of between US$730 million and US$780 million in the 12 months through March, 2023. That is lower than prior guidance of US$740 million-US$820 million, but would still represent growth on US$620.7 million achieved in the 2022 fiscal year.

"Our primary reasons for adjusting guidance downward are: continued inflationary pressures globally, our lowered expectations regarding Europe segment Ebit, the impact of a strengthening U.S. dollar on the translation of our APAC and Europe earnings and housing market uncertainty," said Jason Miele, James Hardie's chief financial officer.

The revised guidance was provided to investors alongside its first-quarter performance, which was headlined by 15% growth in adjusted net income to US$154.3 million. Quarterly net profit totalled US$163.1 million, up 34% on year.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

August 15, 2022 17:57 ET (21:57 GMT)

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