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Investing.com-- Shares of James Hardie (NYSE:JHX) Industries (ASX:JHX) plunged to their lowest in more than two years on Wednesday after the building products maker posted a steep drop in quarterly profit and issued full-year earnings guidance that disappointed investors.
The company reported net sales of $900 million for the three months to June 30, down 9% from a year earlier, with net income plunging 60% to $62.6 million.
Sydney-listed shares of the company slumped as much as 30% to A$31.07, their lowest level since March 2023.
Management warned that demand in North America, its largest market, remains weak as homeowners defer major projects and homebuilders scale back activity amid affordability concerns.
James Hardie cut its earnings expectations, now guiding for adjusted EBITDA of $1.05 billion to $1.15 billion for fiscal 2026, including contributions from its newly closed AZEK acquisition.
Analysts had expected stronger momentum following the deal.
Chief Executive Aaron Erter said the long-term outlook remains positive given the shift away from wood and vinyl siding, but near-term conditions are challenging.