James Hardie (JHX) posts tough quarter but expected to rebound
James Hardie (JHX) +6.83%
One of the top performers today, James Hardie impressed the market with a “better than feared” first quarter, along with supportive outlook statements despite the headwind’s construction is seeing. While sales slipped just 5%, first quarter profit was down nearly 90% on last year to just $US9.4m. The company expects a recovery to kick in from the 2nd quarter helped by continued ability to gain market share.
Key to the market’s positive take on the result was guidance which came in at $US330-390m which would mean just a 6.5% fall on FY19 at worst. Some certainty around earnings where others are backing away from any forward looking statements was refreshing.
James Hardie (JHX) Chart
