James Hardie Industries Plc (ASX: JHX) released its Q3 FY20 results shortly after market close yesterday. James Hardie is a global building materials company and world leader in the manufacture of fibre cement siding and backerboard. The company’s products are used within residential construction, manufactured housing, repair and remodeling and commercial and industrial markets. The company is headquartered out of Ireland, and has primary geographic markets of the US, Canada, Australia, New Zealand and Europe.
James Hardie Industries plc (ASX: JHX) released its Q3 FY20 results shortly after market close yesterday, this comes after the company entered a trading halt earlier in yesterday’s trading session, citing a clerical error resulting in the potential early release of earnings material. (Credit: Stuff.co.nz).
The group’s adjusted EBIT (normalized for a one-off accounting related expense) was reported at $110.7m, 9.3% lower than consensus expectations of $122m. North American EBIT margin slipped slightly this half from 27% to 26% despite North America fiber Cement growing 11% in the same period. The construction giant also provided a narrower FY20 full year guidance of $350m to $370m. Consensus estimates $367m, marking the guidance a 2% miss.
This comes after the company entered a trading halt earlier in yesterday’s trading session, citing a clerical error resulting in the potential early release of the aforementioned earnings materials in an overseas market.
The market has reacted unfavorably to the news, with the share price of James Hardie Industries coming off 3.3%. The stock now trades at around $31 per share. However, this fall only comes as a small dip to the company which has experienced a share price rally of over 82% in the past year alone.
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