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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.