James Hardie shows strong Q1 profit

Company News

James Hardie Industries (ASX:JHX) has shown a 27 per cent increase in adjusted net operating profit to $US63.5 million in the three months to the end of June.
 
The building materials company says all its businesses delivered higher volumes and earnings than the previous period with major strength coming from US and Europe fiber cement.
 
CEO Louis Gries says the company has maintained a conservative level of debt with a purchase of 1.7 million shares of its own common stock costing $22.5 million.
 
The company sees net sales from the Australian business set to grow in line with strength in housing construction.
 
Forecasts for full year adjusted net operating profit are between $240 and $270 million conditional on housing conditions in the US continuing to improve.
 
James Hardie reported a net profit of $381 million in the year to the end of March.