James Hardie posts 17% jump in Q3 profit
James Hardie Industries has posted a 17 per cent jump in adjusted third-quarter profit and lifted its full-year guidance, even though its net result has fallen by a third on higher asbestos and tax-related adjustments.
The Ireland-headquartered firm posted an adjusted net operating profit for the quarter ended December 31 of $US77.4 million ($A115.3 million) - up from $65.9 million a year ago - underpinned by a strong performance in its North American housing business.
However, net operating profit fell by 33 per cent to $US45.6 million when factoring in the increased quarterly hit from asbestos and tax-related expenses, as well as discontinued product lines.
James Hardie's total sales for the third quarter were up 5.0 per cent to $US616.7 million.
The world's largest fibre cement maker also announced full year adjusted net operating profit would now be between $US350 million and $US370 million, raising the lower end of its previous forecast from $US340 million.
James Hardie's ASX-listed shares were worth $32.13 before the company entered a trading halt on Tuesday afternoon, when a "clerical error" resulted in the potential early release of its earnings materials to the overseas aftermarket.
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