JHX james hardie industries plc

News: JHX UPDATE 1-Australia's James Hardie lifts profit outlook as U.S. housing market booms

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    (Adds details on outlook, Q1 results)

    Aug 10 (Reuters) - James Hardie Industries PLC (JHX) , the world's largest fibre cement maker, on Tuesday raised its full-year adjusted profit forecast, counting on the ongoing boom in the U.S. housing market to keep growing.

    The housing sector in the United States, James Hardie's biggest market, had marked a surge in demand as people thronged to the suburbs during the pandemic. Shortages of materials and labour also pushed up prices, boosting margins.

    The operating earnings margin at its North American business rose to 29.3% in the first quarter, the company said in a statement.

    James Hardie, which also operates in Europe, Australia and the Philippines, raised its fiscal 2022 adjusted profit forecast to between $550 million and $590 million from $520 million to $570 million.

    First-quarter adjusted earnings soared 50% to $134.2 million, while net sales jumped 35% to $843.3 million.

 
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