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James Hardie sets higher profit view as U.S. housing market boom continues

Stock MarketsFeb 06, 2022 04:20PM ET
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© Reuters. FILE PHOTO: A James Hardie factory is seen behind a fence in western Sydney September 24, 2004. REUTERS/Tim Wimborne

(Reuters) - James Hardie (NYSE:JHX), the world's largest fibre cement maker, on Monday raised its annual profit forecast for the fourth time this fiscal year, and guided to even higher earnings next year, driven by a boom in the housing sector in North America.

New home sales in the United States, which makes up 70% of the company's revenue, rose in every month of the December quarter and are expected to be robust despite the prospect of higher mortgage rates, driving up demand for building materials.

That is likely to support the company's prospects, even as it looks for a new chief executive after firing Jack Truong last month over claims of misconduct and complaints about his management style. Truong has rejected the claims.

The Dublin-based firm said it now expects adjusted net income between $620 million and $630 million for fiscal 2022, up from its earlier forecast of $605 million to $625 million.

For fiscal 2023, it forecast adjusted profit of between $740 million to $820 million.

It also posted adjusted net income of $154.1 million in the December quarter, up from $123.3 million a year ago.

Quarterly net sales were $900 million, up 22% from last year, with its North America segment contributing $644.9 million.

James Hardie sets higher profit view as U.S. housing market boom continues
 

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Comments (5)
Justin Bundock
Justin Bundock Feb 07, 2022 3:25PM ET
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millions of immigrants entering country need somewhere to live too. why is any surprise home inventory is remaining so low and demand is so high.
Joel Schwartz
Joel Schwartz Feb 06, 2022 7:06PM ET
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It’s not a boom - it’s a bubble. A burned down home in the Bay Area sold for $2M lol.
Barry Spotts
Barry Spotts Feb 06, 2022 5:02PM ET
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There is a pent up demand on home building at certain parts of the country...   Currently building has been low due to Covid-19 and costs..   As we approach Summer building will increase... Please note higher interest rates will slow the growth..
Dave Jones
Dave Jones Feb 06, 2022 4:42PM ET
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us housing market boom? where?
Dan Tracey
Dan Tracey Feb 06, 2022 4:42PM ET
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Happening in reno tahoe area. Massive areas booming out here !!!
Chad RicherThanYou
Chad RicherThanYou Feb 06, 2022 4:30PM ET
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With every boom comes an equally powerful bust
Mike ND
Mike ND Feb 06, 2022 4:30PM ET
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Ask China about the bust haha
Chad RicherThanYou
Chad RicherThanYou Feb 06, 2022 4:30PM ET
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Mike ND It amazes me that americans think a bust in china will not affect them… if china has problems than the USA REALLY has problems
Mike ND
Mike ND Feb 06, 2022 4:30PM ET
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Chad RicherThanYou Actually the other way around you must not look at Import/Export flows
 
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