James Hardie Downgrades Its Annual Earnings Guidance
16 August 2022 - 8:12AM
Dow Jones News
By David Winning
SYDNEY--James Hardie Industries PLC downgraded its annual
earnings guidance, partly to reflect inflationary pressures that
are affecting its building product businesses around the world.
James Hardie said it now expects adjusted net income of between
US$730 million and US$780 million in the 12 months through March,
2023. That is lower than prior guidance of US$740 million-US$820
million, but would still represent growth on US$620.7 million
achieved in the 2022 fiscal year.
"Our primary reasons for adjusting guidance downward are:
continued inflationary pressures globally, our lowered expectations
regarding Europe segment Ebit, the impact of a strengthening U.S.
dollar on the translation of our APAC and Europe earnings and
housing market uncertainty," said Jason Miele, James Hardie's chief
financial officer.
The revised guidance was provided to investors alongside its
first-quarter performance, which was headlined by 15% growth in
adjusted net income to US$154.3 million. Quarterly net profit
totalled US$163.1 million, up 34% on year.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
August 15, 2022 17:57 ET (21:57 GMT)
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