Shares of James Hardie have opened over 3% lower on an announcement that a weaker-than-expected December quarter has forced the company to cut earnings guidance.
Shares traded down to a 3-month low of $19.60 as the the company announced that the group’s net profits fell 6% to USD 52.6 million.
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This prompted a warning that earnings for the financial year up to March would come in at between USD 245 and USD 255 million, versus expectations of between USD 252 to USD 269 million.
