Reuters
Published Feb 06, 2022 04:18PM ET
(Reuters) - James Hardie (NYSE:JHX), the world's largest fibre cement maker, on Monday raised its annual profit forecast for the fourth time this fiscal year, and guided to even higher earnings next year, driven by a boom in the housing sector in North America.
New home sales in the United States, which makes up 70% of the company's revenue, rose in every month of the December quarter and are expected to be robust despite the prospect of higher mortgage rates, driving up demand for building materials.
That is likely to support the company's prospects, even as it looks for a new chief executive after firing Jack Truong last month over claims of misconduct and complaints about his management style. Truong has rejected the claims.
The Dublin-based firm said it now expects adjusted net income between $620 million and $630 million for fiscal 2022, up from its earlier forecast of $605 million to $625 million.
For fiscal 2023, it forecast adjusted profit of between $740 million to $820 million.
It also posted adjusted net income of $154.1 million in the December quarter, up from $123.3 million a year ago.
Quarterly net sales were $900 million, up 22% from last year, with its North America segment contributing $644.9 million.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.