(Adds forecast, details, background on U.S. housing market)
Nov 8 (Reuters) - James Hardie Industries PLC's (JHX) half-year profit rose 17 percent, the world's biggest fibre cement product maker said on Thursday, but cut its full year forecast range citing uncertain conditions in the United States, its key market.
Adjusted operating profit, which excludes one-off items such as compensation payments to people claiming asbestos-related illness, was $160.8 million, up from $137.3 million a year ago.
The fibre cement product maker's management now expects full year adjusted operating profit between $280 million to $320 million, lower than its previously stated forecast of $300 million to $340 million.
Robust economic growth in the United States, its largest market, has helped underpin growth. But the underlying trend points to a weakening housing market against the backdrop of rising mortgage rates and higher home prices, despite a bump in August after two straight months of declines.
Although U.S. housing activity is improving, market conditions remain uncertain and input costs remain volatile, the company added.
(Adds forecast, details, background on U.S. housing market) Nov...
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$42.90 |
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