Nov 8 (Reuters) - James Hardie Industries, the world's largest fibre cement maker, reported a record second-quarter profit on Wednesday, as higher selling prices and lower costs offset a decline in volumes across its key segments.

The company also said it would buy back shares worth $250 million, which is expected to complete in a year from now.

Volumes in the company's biggest market, North America, and other segments including Asia-Pacific and Europe declined from a year earlier, it said.

But an uptick in prices for which it sold its goods and a substantial cut in costs incurred helped improve profit margins across all segments, it added.

James Hardie reported volumes of 773 million standard feet for its North America division in the second quarter. The company expects the segment's volumes to be in the range of 730 million to 760 million standard feet in the third quarter.

"In our largest market, North America, the external data providers we utilize expect our addressable market to decrease between 7% and 14% in the calendar year 2023 versus the calendar year 2022," the company said.

The company forecasts North American earnings before interest and taxes (EBIT) margin to be in the range of 30% to 32% in the third quarter. It reported EBIT margin of 31.7% for the segment during the second quarter.

The Dublin-based firm's adjusted net income was $178.9 million in the three months ended Sept. 30, compared with $175.8 million a year earlier.

That is largely in line with LSEG estimates of $179.8 million and the company's own forecast range of $170 million to $190 million.

Its net sales for the quarter were $998.8 million, compared with $997.6 million a year ago.

James Hardie projected adjusted net income for the third quarter to be in the range of $165 million to $185 million.

(Reporting by Roushni Nair in Bengaluru; Editing by Shounak Dasgupta and Shilpi Majumdar)