Weak Market Share Gains for Narrow-Moat James Hardie in 1Q; Looking Fairly Valued After Sell-Off
Muted market share gains in narrow-moat Hardie’s important North American fibre cement segment disappointed the market in the first quarter of fiscal 2019 but were in line with our expectations. Investors had expected gains in share to drive a better showing than the 5% increase in North American sales volumes, which rose to 591 million square feet, or mmsf. Shares sold off accordingly, down 6.5% on the day as the market rethinks the trajectory for future share gains. We still think increased ma...James Hardie Industries is engaged in the manufacturing and selling of fiber cement products and systems for internal and external building construction applications in the United States, Australia, New Zealand, the Philippines and Europe. Co.'s fiber cement products are used in a number of markets, including new residential construction, manufactured housing, repair and remodeling and a variety of commercial and industrial applications. Co. manufactures numerous types of fiber cement products with a variety of patterned profiles and surface finishes for a range of applications, including external siding and soffit lining, internal linings, facades, and floor and tile underlayments.
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