Market Profile Strategies - James Hardie Industries plc (NYSE:JHX) forecast higher profit

Market Profile Strategies

Dec 30 2023 • 0 seconds

James Hardie Industries plc (NYSE:JHX) stock rose 6.74% (As on May 16, 10:08:42 AM UTC-4, Source: Google Finance) after the company forecast a higher profit for the first quarter of fiscal 2024, sending its shares nearly 9% higher, although the company flagged uncertainties in global housing markets. James Hardie also reported a 2% fall in reported adjusted net income to $605.5 million for financial year 2023. For the fourth quarter, the company’s adjusted net income slid 18%. Global Adjusted EBIT decreased 17% to US$187.5 million. Global Adjusted Net Income decreased 18% to US$146.2 million. Global Adjusted EBIT margin of 20.4% was achieved through strong operational performance and continued achievement of strong Price/Mix offset by high input costs and reduced volumes. JHX in the fourth quarter of FY 23 has reported the adjusted earnings per share of 33 cents, beating the analysts’ estimates for the adjusted earnings per share of 32 cents. The company had reported 5 percent fall in the adjusted revenue to $917.8 million in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $903.39 billion. Moreover, North America Fiber Cement Segment Net Sales declined 6% to US$651.5 million. Volumes declined 14%, adversely impacted by the slowdown in the housing market, which was partially offset by Price/Mix growth of +8%. Lower volumes and higher input costs led to an 8% decline in EBIT to US$188.8 million. The EBIT margin contracted 70 basis points to 29.0%. Asia Pacific Fiber Cement Segment Net sales increased 2% to A$204.6 million. Price/Mix growth of +12%, was partially offset by a 10% decline in volumes due to the slowdown in the Australia and New Zealand housing markets. Europe Building Products Segment Net Sales increased +2% to €117.8 million. Additionally, in FY23, total capital expenditures were US$591.3 million. In December, the company commenced the share buyback program, and during the fiscal year the company bought back 3.8 million shares for total consideration of US$78.4 million. The Dublin-based firm expects an adjusted net income in the range of $145 million to $165 million for the first quarter, compared with a profit $154.3 million in the year-earlier period and a consensus estimate of $137 million, according to Citi. The company, however, flagged that it sees demand for new homes in the United States, which accounts for James Hardie’s majority of revenue,  to decrease between 14% and 19% in fiscal 2024 over uncertainty in housing markets. For fiscal year 2024, it expects to spend a total of about $550 million in capital expenditure.



SOURCE : https://tradertalks-net.translate.goog/s/13980?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=auto&_x_tr_pto=wapp

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