The world’s largest fiber cement products manufacturer, James Hardie Industries PLC, reported last Wednesday a significant increase in the company’s second-quarter overall operating profit, this is in spite of a slower pace than expected when it comes to the housing sector’s recent improvement in the US.
James Hardie Industries PLC, which acquires a third of the company’s overall revenue in the US and Europe, warned about the US short-term uncertainty due to the recent flat when it comes to housing, but also forecasted moderate improvements by March.
James Hardie also stated that its businesses in New Zealand, Australian, and the Philippines are expecting improved performances.
James Hardie Industries PLC’s management also cautioned that even if as of the moment the activity of the US housing sector has been steadily improving, current market conditions still remains uncertain and also some volatile input costs still remain.
James Hardie Industries, a supplier of products like outside cladding for walls, reported that overall operating profit reached $127.2M for the year’s quarter that ended last September 30, a significant increase from last year’s $51.9M.
Louis Gries, the company’s Chief Executive, stated that the recent 66% increase reflected the increase in volumes and also higher overall average sales prices in the US, European, and also Asian businesses, which eventually pushed overall sales up to 12% for both quarters of the first half of the current year.
Louis Gries added that the US housing market’s recent recovery still remains below James Hardie Industries PLC’s expectations during the start of the current year.