James Hardie declined to provide annual guidance | Market Update

  • May 19, 2020 AEST
  • Team Kalkine

Building products manufacturer James Hardie has declined to provide an annual guidance but expects margins in its key North America business to stay resilient despite the coronavirus-related disruptions. The company reported a 6.0 per cent increase in full-year profit to $US241.5 million ($A370.9 million). Its net operating profit for the year to March 31, which strips out asbestos liabilities, rose 17 per cent to $US352.8 million. Earlier this month, it announced a suspension in dividend payments due to the market volatility on account of the pandemic and tightened its operating profit guidance to between $US350 million and $US355 million. Net sales for the full year were up 4.0 per cent to $US2.61 billion.

Westpac has lost its chief information officer Craig Bright less than two years into the role, with the bank’s retail head, David Lindberg also pulling the rip cord on the institution. Australia’s oldest bank confirmed on Tuesday that both Bright and Lindberg had accepted roles with institutions overseas and that it had commenced and international search to find replacements.

Industrial metals prices jumped overnight, with copper rising as much as 3 per cent as an easing of coronavirus lockdowns in many countries and hopes for a vaccine fuelled optimism among investors that also lifted stock markets and oil.

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