James Hardie Industries (ASX: JHX) flags uncertainty in housing market

2 min read | February 13, 2024 04:09 PM AEDT | By Team Kalkine Media

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James Hardie Industries (ASX: JHX) flags uncertainty in housing market — Image source: stockphoto mania, Shutterstock.com

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In a noteworthy turn of events, shares of ASX-listed James Hardie Industries (ASX: JHX) have experienced a substantial dip on 13 February 2024, slipping as much as 7.1% to AU$55.00. This decline represents the most significant intraday percentage fall since February 14, 2023.

The impact of this downturn is evident as James Hardie Industries' shares reach their lowest level since January 12.

Q4 Adjusted Net Income Below Consensus

James Hardie Industries, recognized as the world's largest fibre cement maker, reveals a Q4 adjusted net income projection ranging between AU$165 million and AU$185 million. This forecast falls slightly below the Visible Alpha consensus of AU$187 million, as reported by Citi.

Outlook Flags Uncertainty in Housing Markets

The company sends a signal of caution to investors by flagging an uncertain outlook for the housing markets in which it operates. This announcement adds an additional layer of complexity to the market's perception of James Hardie Industries' future performance.

Strong Qtrly Adjusted Net Income

Despite the challenges indicated in the outlook, James Hardie Industries demonstrates resilience in its quarterly performance. The company reports a quarterly adjusted net income of AU$179.9 million, showcasing a significant increase from AU$129.2 million a year ago. This figure not only reflects the company's financial strength but also beats an estimate of AU$174.2 million from LSEG.

Conclusion

James Hardie Industries faces a notable decline in its stock value, signaling challenges in the current market landscape. However, the company's ability to surpass estimates in quarterly adjusted net income reveals underlying strength. Investors and analysts will be closely monitoring how James Hardie Industries navigates through the uncertainties in the housing markets.

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