James Hardie shares jump on Q1 profit beat
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More news: Shares in James Hardie were up more than 15% to $47.05 in early trading on the ASX after the building products maker reported operating profit ahead of expectations. Operating profit after stripping out asbestos liabilities jumped 13% to $US174.5 for the June quarter, although net sales for the period fell 5%.
James Hardie first-quarter sales dip
The news: Building products manufacturer James Hardie has posted a decline in first quarter sales as volumes fell amid weaker global housing markets.
The numbers: Net sales for the three months to June 30 fell 5% to $US954.30 million ($1.45 billion). Net profit for the period was down 3%, but operating profit after stripping out asbestos liabilities jumped 13% to $US174.5 million thanks to stronger margins.
The context: The company expects to maintain operating profit in the second quarter to around current levels but said the outlook for housing markets globally remains uncertain. It expects the addressable market in its biggest region - North America to shrink between 5% and 18% in 2023 compared with 2022.
The source: ASX announcement
