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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  James Hardie Industries plc    JHX   AU000000JHX1

JAMES HARDIE INDUSTRIES PLC

(JHX)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 10/23
36 AUD   -1.42%
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10/13JAMES HARDIE INDUSTRIES : Raises Guidance
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10/01JAMES HARDIE INDUSTRIES : 2020 Annual General Meeting
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James Hardie Industries : Australia's James Hardie nails profit forecast to U.S. renovation recovery

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08/10/2020 | 08:40pm EDT

* James Hardie Q1 adjusted profit $89.3m vs $90.2m previously

* North America fibre cement profit up 15%, Europe, Asia down

* Company forecasts FY21 profit in $330m-$390m range

* Shares near record high

SYDNEY, Aug 11 (Reuters) - Australian building materials giant James Hardie Industries Plc on Tuesday forecast a potential rise in full year profit as it reported steady first quarter earnings due to Americans turning to home renovation in the COVID-19 pandemic.

The guidance, which sent the company's shares higher, strikes a rare optimistic note at a time when many industries face profit declines due to shutdowns to slow the spread of the coronavirus. Dozens of Australian companies have withdrawn guidance because of uncertainty caused by the outbreak.

James Hardie, the world No. 1 maker of fibre cement sheeting, said underlying profit dipped just 1% in the three months to end-June, from the same period a year earlier. Sales in North America, its main market, remained steady, while shutdowns hammered sales in its Europe and Asia Pacific divisions.

The Sydney-listed company said it now expects underlying profit of between $330 million and $390 million in the year to March 2021, potentially bettering the previous year's $352.8 million.

James Hardie shares jumped as much as 7.6% in morning trade, close to the stock's record closing high in February before concern about the virus upended global markets. The broader Australian share market was up 0.9%.

The company's guidance was "a confident signal, with most U.S. construction-exposed companies choosing to provide only one quarter of guidance," said Credit Suisse analysts in a research note.

James Hardie Chief Executive Jack Truong said the guidance was based on improving home building and renovation in the United States since May. Truong added the projection did not factor in the possibility of a second or third wave of the virus in the United States where "half the country has to be shut down for weeks or months".

To date, U.S. homebuilding has gradually recovered, bolstered by historically low borrowing rates and stronger demand for living and working in suburbs as companies let employees work from home in the pandemic.

The company's statutory net profit, which sets aside money to compensate people made sick by its discontinued asbestos products, slumped 89%. (Reporting by Byron Kaye in Sydney and A K Pranav and Arundhati Dutta in Bengaluru; Editing by Devika Syamnath and Jane Wardell)


Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 2.72% 9.878 Delayed Quote.-24.62%
JAMES HARDIE INDUSTRIES PLC -1.42% 36 End-of-day quote.29.17%
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All news about JAMES HARDIE INDUSTRIES PLC
10/13Australia shares edge lower on vaccine trial halts; NZ gains for eleventh day
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More news
Financials (USD)
Sales 2021 2 771 M - -
Net income 2021 365 M - -
Net Debt 2021 881 M - -
P/E ratio 2021 31,9x
Yield 2021 0,48%
Capitalization 11 403 M 11 366 M -
EV / Sales 2021 4,43x
EV / Sales 2022 3,93x
Nbr of Employees 4 869
Free-Float 99,4%
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Technical analysis trends JAMES HARDIE INDUSTRIES PLC
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 26,62 $
Last Close Price 25,69 $
Spread / Highest target 21,4%
Spread / Average Target 3,65%
Spread / Lowest Target -33,8%
EPS Revisions
Managers
NameTitle
Jack Truong Chief Executive Officer & Executive Director
Michael N. Hammes Chairman
Ryan Kilcullen Executive Vice President-Operations
Jason Miele Chief Financial Officer & Senior Vice President
David D. Harrison Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
JAMES HARDIE INDUSTRIES PLC29.17%11 366
ANHUI CONCH CEMENT COMPANY LIMITED-11.09%40 290
LAFARGEHOLCIM LTD-20.88%28 784
SHREE CEMENT LIMITED0.77%10 030
CHINA RESOURCES CEMENT HOLDINGS LIMITED1.01%9 028
TAIWAN CEMENT CORP.-2.33%8 400