By Rhiannon Hoyle

 

James Hardie Industries PLC on Tuesday reported a fall in third-quarter net profit and downgraded its estimate for full-year adjusted income, citing declining volumes amid a market downturn.

The building-materials producer said it made net income of US$100.1 million in the three months through December, down from US$135.4 million in the same period a year ago. Net income for the nine months ended Dec. 31 was up by 6% at US$430.6 million.

James Hardie said adjusted net income was also weaker, falling to US$129.2 million in its fiscal third quarter from US$154.1 million in the same period a year ago. Adjusted net income for the first three quarters of its fiscal year totaled US$459.3 million, versus US$443.2 million in the year-prior period.

"Based on our lower than expected second-half volume results in both North America and APAC and restructuring charges incurred in the second half, management has lowered the fiscal year 2023 adjusted net income guidance range," the company said.

James Hardie said it now expects full-year adjusted net income of between US$600 million and US$620 million, down from between US$650 million and US$710 million previously.

The company recorded adjusted net income of US$620.7 million for fiscal year 2022.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

February 13, 2023 17:15 ET (22:15 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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