News: JHX UPDATE 1-James Hardie sees profit lift from improving U.S. housing market

(Adds details on results, forecast, background)

Aug 11 (Reuters) - Australia's James Hardie Industries (JHX) on Tuesday forecast higher full-year earnings after an improving U.S. housing market buoyed quarterly results at the fibre cement maker's North American business.

U.S. homebuilding has gradually recovered this year, bolstered by historically low borrowing rates and stronger demand for suburbs as companies allowed employees to work from home during the COVID-19 pandemic.

Operating profit margin for the North American division, its biggest earner, was 29% in the first quarter, at the top end of the firm's forecast range of 27% to 29%.

"The North America segment delivered another outstanding result. We continued to grow above market while delivering exceptional returns," Chief Executive Jack Truong said.

The world's biggest fibre cement maker said it expects adjusted net operating profit between $330 million and $390 million in fiscal 2021. The mid-point of the forecast range was higher than the $352.8 million it earned in fiscal 2020.

The Dublin-based company's adjusted net operating profit for the quarter ended June 30 was $89.3 million, compared with $90.2 million a year ago.

However, statutory profit for the quarter slumped 89%, due to one-off compensation payments of $63.7 million to workers claiming asbestos-related illness.