James Hardie Cuts Fiscal Year Guidance on Housing Market Weakness

By Stuart Condie

SYDNEY--Australian building materials supplier James Hardie Industries PLC cut its annual profit guidance on expectations that macroeconomic conditions and challenging housing markets will hit volumes.

James Hardie said it now anticipates adjusted net income for the 12 months through May of between $650 million and $710 million. It had previously guided for net income of between $730 million and $780 million.

Chief Executive Aaron Erter said the firm expects housing markets to remain weak through the remainder of its 2023 fiscal year and for volumes to soften in North America, Asia-Pacific and Europe.

James Hardie reported a first-half net profit of $330.5 million for the six months through September, up 22% on year. Revenue jumped 14% on year to $2.00 billion.

The company did not declare a dividend but said it would instead buy back shares worth up to $200 million through October 2023.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

November 07, 2022 16:44 ET (21:44 GMT)

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