News: JHX James Hardie Sees FY23 Adjusted Net Income Between $650 Mln And $710 Mln

Nov 8 (Reuters) - James Hardie Industries PLC (JHX) :

• HY NET PROFIT ATTRIBUTABLE $330.5 MILLION VERSUS $271.5 MILLION REPORTED LAST YEAR
• ADJUSTED NET INCOME +13% TO US$175.8 MILLION FOR Q2
• ANNOUNCED REPLACEMENT OF ORDINARY DIVIDENDS WITH A SHARE BUYBACK PROGRAM
• ADJUSTS FISCAL YEAR 2023 ADJUSTED NET INCOME GUIDANCE RANGE TO US$650 MILLION AND US$710 MILLION
• HY NET SALES FROM ORDINARY ACTIVITIES $1,998.5 MILLION VERSUS $1,746.5 MILLION REPORTED LAST YEAR
• ANNOUNCES NEW CAPITAL ALLOCATION FRAMEWORK, INCLUDING US$200 MILLION SHARE BUYBACK
• CONFIDENT THAT WE WILL BE ABLE TO DELIVER GROWTH ABOVE MARKET AND STRONG RETURNS
• SHARE BUYBACK PROGRAM APPROVED FOR AMOUNT UP TO US$200 MILLION FROM TODAY THROUGH 31 OCTOBER 2023
• SEE A WEAKENED HOUSING MARKET FOR REMAINDER OF OUR FISCAL YEAR
• IN AUSTRALIA, LABOR SHORTAGES, UNFAVORABLE WEATHER ARE CONSTRAINING HOUSING MARKET ACTIVITY DESPITE STRONG CONTRACTED BACKLOGS
• IN NORTH AMERICA, EXPECT H2 VOLUME GROWTH TO BE BETWEEN NEGATIVE 5% AND NEGATIVE 8% VERSUS PCP