JHX -3.47%: The building products company reported FY22 results today that were in line with expectations, however, it seemed that momentum tapered off in Q4 with weaker than expected earnings and margins in the final 3 months of the year, and that caused them to maintain (rather than upgrade) FY23 guidance. The market had become bullish on JHX earnings and was factoring in greater momentum given strength in construction markets, however both their North American & Asia Pac divisions have lost some inertia.
MM is now neutral JHX as earnings lose momentum
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