James Hardie Announces $250 Million Buyback as 2Q Net Income Rises 2%
By Stuart Condie
SYDNEY--James Hardie Industries announced a $250 million share buyback as it reported record adjusted net income in its fiscal second quarter and flagged more to come over the next three months.
The Australian building-products supplier, which reports in U.S. dollars, on Wednesday reported adjusted net income for the three months through September of $178.9 million, up 2% on the same period a year earlier. On a statutory basis, net income fell 9% to $151.7 million.
Net sales were flat on-year at $998.8 million.
James Hardie said the outlook for global housing markets remained uncertain and that external data suggested that its addressable market in North America would shrink by 7% to 14% in the 2023 calendar year.
It nonetheless expects third-quarter adjusted net income of between $165 million and $185 million. It reported adjusted net income of $129.2 million in 3Q of the previous fiscal year.
James Hardie previously said it would replace dividends with buybacks.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
November 07, 2023 17:10 ET (22:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
When Will the Fed Start Cutting Interest Rates?
-
Do Stock Splits Really Matter?
-
5 Hot Stocks to Sell Before They Report Earnings
-
Q3 2024: Market Insights on Stocks, Bonds, and the Economy
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
Markets Brief: Politics Make a Comeback
-
Pimco’s Ivascyn: Why Investors Should Switch Their 60/40 Portfolio to 40/60
-
What’s Happening in the Markets This Week
-
Best Financial-Services Companies to Own
-
Going Into Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
10 of the Best Small-Cap Stocks to Buy Today
-
An Undervalued Wide-Moat Stock to Buy With Momentum
-
Johnson & Johnson Earnings: Largely In Line as New Products Ready to Offset Stelara Biosimilars
-
PNC Earnings: Net Interest Income Holds Up Relatively Well
-
Charles Schwab Earnings: Despite Sequential Decline, We Still Believe in Medium-Term Growth Story
-
Bank of America Earnings: Encouraging NII Guidance and Expense Control Should Boost Profitability