JHX +6.19%: The building products company reported stronger than expected 2Q earnings this morning, while they also revised FY numbers down a touch, though they were broadly inline with where consensus already sat.
- 2Q Earnings before interest & tax (Ebit) came in at $211m, ~5% ahead of expectations
- They revised net income guidance for the full year to be at least $635m which compared to prior guidance of $630-700m, though consensus was already at $640m
The stock had been weak leading into today’s news, given weakness across US building related shares following a rise in bond yields. The market was relieved today that JHX is tracking broadly inline with expectations, hence the rally.
MM is bullish JHX from current levels
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