The building products company announced its third profit downgrade this financial year on Tuesday, with margins under pressure in North America, Europe and Australia.said he was “managing quickly and decisively” and not waiting around in the hope that things would improve. He took the helm in September and has had a torrid few months. James Hardie had about 4800 staff before the redundancies.
James Hardie shares tumbled by almost 9 per cent in early trading on the ASX on Tuesday, before making a partial recovery to be 3.9 per cent lower at $30.52 in late trading. The stock was at $46.70 in March last year.It announced December-quarter results on Tuesday showing earnings before interest and tax in its North American business were down 5 per cent to $US174.1 million, while EBIT in Asia-Pacific, where the Australian arm forms a large part, was down 21 per cent to $US42.3 million.
He said Mr Erter had told investors the company was making progress on market share gains in all regions, and was confident that margins in the US would remain above 25 per cent.
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