James Hardie Industries plc (ASX:JHX)
has reported an annual profit rise, announced it will pay a special dividend and unveiled a new share buyback program.
The building materials manufacturer booked a net profit of $US291.3 million, growing from $US99.5 million the year before.
James Hardie has partly attributed the result to significant earnings growth from its US and European business.
The company expects these earnings to continue growing and margins to stay in the target range as the US housing market recovers and the company increases market penetration.
A final dividend of $US0.27 per share has been declared in addition to a special dividend of $US0.22 per share, taking the full year payout to $US0.57 per share.