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US Housing Warning Sparks Worst James Hardie Selloff Since 1973
US Housing Warning Sparks Worst James Hardie Selloff Since 1973
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BTCCSquare news:
James Hardie Industries Plc's grim outlook on the US housing market triggered its sharpest stock decline in five decades, underscoring growing concerns about a key sector of the global economy. Shares plummeted 28%—the most severe drop since November 1973—after the building materials producer reported a 29% year-on-year decline in adjusted net operating profit to $126.9 million for the June quarter.
CEO Aaron Erter cited pervasive uncertainty among customers and contractors, with homeowners postponing major renovations and affordability constraints stifling single-family home construction. The slowdown reflects broader pressures on American homebuyers, as the real estate market endures its weakest spring season in recent memory.
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