James Hardie's ASX-listed shares near one-year high after earnings forecast upgrade
JHX•First-quarter segment performance
For the first quarter, the company logged a 34% increase in sales in its key Siding & Trim business, which includes the company's legacy North America operations, and AZEK exteriors.
Excluding AZEK, organic sales in the division rose 20% as previously elevated distributor inventories normalised and demand improved, helping the North American fiber cement returned to volume growth.
Forecast raise and first-quarter profit jump
James Hardie JHX.AX raised its annual earnings forecast on Friday, citing AZEK acquisition synergies, manufacturing efficiencies and demand in its legacy fiber cement business, sending its Australia-listed shares to a near one-year high.
The company also reported a 54% jump in first-quarter adjusted net income to $209.3 million, from $136.1 million a year earlier.
