James Hardie 1st Half Net Sales Nearly Triple, Raises Fiscal Year Profit Guidance

   By Rhiannon Hoyle 
 

James Hardie Industries PLC said its first-half net profit almost tripled, as the building materials supplier sought to sell more high-value products and recorded double-digit sales growth across its three core markets.

The company consequently raised its projection for adjusted net income this fiscal year to between $580 million and $600 million, from an earlier estimate of $550 million to $590 million.

James Hardie reported net profit of $271.5 million for the six months through September, up from $96.2 million in the same period a year earlier. The company said it will pay a first-half ordinary dividend of 40 cents a share.

It reported record second-quarter net sales, up 23% to $903.2 million. Growth in both its North America fiber cement and Europe building products businesses totaled 23% on-year, the company said. Net sales in its Asia Pacific fiber cement unit were up 15%.

"Our growth momentum in accelerating high value products penetration, which underpins price/mix, is the result of enabling our customers to make more money by selling more James Hardie products and marketing directly to the homeowners to create demand of our high value products through our customers," said Chief Executive Jack Truong.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

November 08, 2021 16:48 ET (21:48 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.