By Rhiannon Hoyle
James Hardie Industries PLC said its first-half net profit nearly tripled as the building materials supplier seeks to sell more high-value products and saw double-digit sales growth in its three main markets.
The company has therefore raised its projection of adjusted net income for this year to $ 580 million to $ 600 million, from an earlier estimate of $ 550 million to $ 590 million.
James Hardie reported a net profit of $ 271.5 million for the six months through September, up from $ 96.2 million for the same period a year earlier. The company has announced that it will pay an ordinary dividend of 40 cents per share in the first half of the year.
It posted record second quarter net sales, up 23% to $ 903.2 million. Growth in its fiber cement business in North America and construction products in Europe totaled 23% year-on-year, the company said. Net sales of its Asia-Pacific fiber cement unit increased 15%.
“Our growth momentum by accelerating the penetration of high value-added products, which underpins the price / mix, is the result of enabling our customers to make more money by selling more James Hardie products and bringing them to market. directly from owners to create demand for our high value products through our customers, ”said General Manager Jack Truong.
Write to Rhiannon Hoyle at [email protected]