James Hardy shows a higher profit outlook as the U.S. housing market continues to boom


James Hardy, the world’s largest fiber cement maker, raised its fourth annual earnings forecast this year on Monday, driven by the boom in the North American housing sector, leading to even higher profits next year.

U.S. new home sales, which account for 70% of the company’s sales, are expected to grow monthly in the December quarter and remain strong despite rising mortgage rates, boosting demand for building materials. ..

Despite looking for a new CEO after dismissing Jack Truon last month for allegations of fraud and complaints about his style of management, it may support the company’s outlook. Truong rejected the claim.

The Dublin-based company said it expects adjusted net income to increase from $ 625 million to $ 625 million in 2022.

Adjusted profit for 2023 is projected to be between $ 740 million and $ 820 million.

Adjusted net income for the December quarter was $ 154.1 million, up from $ 123.3 million in the year-ago quarter.

Quarterly net sales were $ 900 million, up 22% from last year and the North American segment contributed $ 644.9 million.

Reuters

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