James Hardie trims FY earnings forecast
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Building products group James Hardie has trimmed its earnings forecast for the year, saying conditions in the housing market remain uncertain.
The group on Wednesday revealed it had made a net operating profit of $US31.5 million ($A30.95 million) in the third quarter to December 31, up from a loss of $US4.8 million ($A4.72 million) a year earlier.
The results include the company's asbestos-related costs, plus regulatory costs and tax adjustments.
Excluding those costs, operating profit rose to $US28.8 million ($A28.29 million) from $US27.7 million ($A27.21 million).
Chief executive Louis Gries said that while the US housing market had gained momentum, earnings growth had been constrained by lower sales prices and higher costs.
But, he said, if the US market continued its recovery, earnings were expected to rise.
However, conditions in Australia remained subdued and the group did not expect a substantial pickup soon.
The group downgraded its full year earnings forecast, excluding the asbestos and other costs, to between $US136 million ($A133.61 million) and $US141 ($A138.53) million.
Last November, it forecast full year earnings of $US140 million and $US150 million.