By Stuart Condie

SYDNEY--James Hardie Industries announced a $250 million share buyback as it reported record adjusted net income in its fiscal second quarter and flagged more to come over the next three months.

The Australian building-products supplier, which reports in U.S. dollars, on Wednesday reported adjusted net income for the three months through September of $178.9 million, up 2% on the same period a year earlier. On a statutory basis, net income fell 9% to $151.7 million.

Net sales were flat on-year at $998.8 million.

James Hardie said the outlook for global housing markets remained uncertain and that external data suggested that its addressable market in North America would shrink by 7% to 14% in the 2023 calendar year.

It nonetheless expects third-quarter adjusted net income of between $165 million and $185 million. It reported adjusted net income of $129.2 million in 3Q of the previous fiscal year.

James Hardie previously said it would replace dividends with buybacks.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

November 07, 2023 17:10 ET (22:10 GMT)

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