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James Hardie's Q2 earnings injured by lower sales in North American operations

Fiber cement maker James Hardie Industries on Wednesday published a 12% fall in secondquarter earnings due to lower sales in its North American operations, the company's biggest profit producing wing.

The North American fibre cement division - which contributed over 70% in James Hardie's total sales for financial 2024 - brought in net sales of $695.8 million during the quarter, lower than the $734.4 million posted in 2015.

Uncertainty over home loan rate instructions, especially in North America, has prevented property owner to shift homes or undertake repair and remodel activities, which has actually hurt the need for the company's items.

The 5% drop in the net sales from the division was mainly due to market weakness, partially offset by a higher typical net sales price from the business's January 2024 cost boost.

The Dublin-based company published an adjusted net income of $157. million in the July-to-September quarter, compared to $178.9. million reported in 2015 and a Visible Alpha agreement of. $ 145.9 million.

(source: Reuters)