James Hardie Industries (ASX:JHX) see profit rise on US housing boost

Company News

by Rachael Jones

James Hardie Industries (ASX:JHX) yesterday reported adjusted net operating profit for the quarter ending 31 December 2019 rose to $77.4 million, an increase of 17 per cent for both compared to prior corresponding periods.

This rise was mainly due to an improvement in the US housing market with North America Fiber Cement Segment volume increasing 11 per cent for the quarter compared to the prior corresponding period.

In the US cheaper mortgage rates helped the housing market after the Federal Reserve cut rates three times last year.

The US division makes 70 per cent of the company’s revenue.

Shares in James Hardie Industries (ASX:JHX) closed 2.29 per cent higher at $32.14 yesterday.