First Impression: James Hardie (JHX) Result for nine months ended Dec 2016

Bell Potter

Segment EBIT: North America steady US$267.8m (accelerated and higher than planned start-up costs, higher freight costs Increased depreciation ,Investment in sales and marketing), International Fiber Cement up 22% to US$71.5m (Strong results in Australia and New Zealand driven by price and lower production costs due to prior year Carole Park startup; partially offset by Philippines business and higher SG&A expenses across the segment relative to pcp | Net operating cash flow up 33% to US$265.8m. | Outlook: Management expects full year Adjusted NPAT to be between US$245 million and US$255 million (previously US$250-$270m)- assuming new construction starts between approximately 1.2 and 1.3 million.


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