SYDNEY--James Hardie Industries PLC (JHX.AU), one of the biggest
makers of cladding for U.S. homes, said Monday it more than doubled
first-quarter earnings and may continue to pay out
larger-than-usual dividends.
James Hardie is benefiting from a gradual, yet shaky recovery in
the U.S. housing market. Its net profit for the three months to
June 30 jumped to US$142.2 million, from US$68.5 million a year
earlier.
The company had already declared a special dividend for the
previous financial year and is buying back some its own shares.
Further dividend payments above those outlined in its dividend
policy will be considered subject to market conditions, it
said.
Underlying first-quarter profit--which strips out compensation
payments to asbestos victims and tax adjustments--grew by 19% to
US$52.0 million.
The company said it expects its underlying profit for the full
year to fall within analysts forecasts ranging from US$165 million
and US$194 million.
Write to Ross Kelly at ross.kelly@wsj.com
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