James Hardie Q3 profit slides 2%, meets estimates
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The news: Building products manufacturer James Hardie posted a modest fall in third-quarter net profit to USD141.7 million ($222.2 million), roughly matching market estimates, according to Visible Alpha data.
The numbers: James Hardie's Q3 net profit was down 2% year on year from USD145.1 million. For the first nine months of the financial year, net profit totalled USD380.4 million, down 16% compared to the prior corresponding period.
Third-quarter net sales were down 3% to USD953 million, and 1% lower to USD2.9 billion for the nine months to December.
The context: James Hardie reiterated its original full-year guidance, despite flagging "challenging end markets and raw material headwinds".
The company noted that markets across Europe "remain challenged", particularly in Germany where improvement is expected to be more gradual.
In Australia and New Zealand, James Hardie said it is increasing market share through new customer acquisitions, while the company is achieving "leading margins" in North America despite raw material headwinds.
The source: ASX announcement
