James Hardie raises 2021 profit forecast

Building materials supplier James Hardie Industries has raised its full-year profit forecast and says it expects to post record second-quarter results boosted by solid demand for its services across markets.

Since the COVID-19 pandemic related shutdowns hammered sales earlier in the year, there has been a recovery in Asia Pacific and European markets.

James Hardie, the world’s biggest fibre cement maker, said on Wednesday the all-time high quarterly sales were “made possible by having all three operating regions deliver growth above market”.

In August, it said sales in North America, one of its biggest markets, were buoyed by homeowners turning to renovation amid the pandemic.

The company increased its fiscal 2021 forecast for underlying net operating profit after tax to between $US380 million ($529m) and $US420m, from an earlier projection of $US330m and $US390m.

It will report its second quarter results on November 10.

Reuters