James Hardie Announces $250 Million Buyback as 2Q Net Income Rises 2%
November 07 2023 - 5:25PM
Dow Jones News
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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