James Hardie Raises Fiscal Year 2022 Earnings Guidance

   By David Winning 
 

SYDNEY--Building materials supplier James Hardie Industries PLC raised its earnings guidance for the 2022 fiscal year, benefiting from improving prospects in the U.S. housing sector.

James Hardie forecast adjusted net income for the year through March of between US$620 million and US$630 million, having previously projected an outcome of US$605 million-US$625 million. This signals strong growth on adjusted net income of US$458 million a year ago.

The guidance uplift was "based on the continued, strong execution of the global strategy across all three regions and the expectation for continued residential and market growth in the U.S.," James Hardie said.

The company also forecast adjusted net income of US$740 million-US$820 million in the 2023 fiscal year.

For the nine months through December, James Hardie reported a net profit to A$406.9 million, up from US$164.8 million at the corresponding stage of a year ago.

Write to David Winning at [e-mail]

(END) Dow Jones Newswires

February 06, 2022 16:10 ET (21:10 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.