James Hardie Industries PLC (ASX: JHX) shares plunged as much as 30% to a two-and-a-half year low of $31.07 after quarterly earnings and guidance fell well short of market expectations.
Barrenjoey flagged a sharp downgrade risk, warning consensus earnings per share (EPS) estimates could fall by more than 40%.
The broker noted first quarter FY26 net profit after tax (NPAT) of US$127 million was 19% below consensus, reflecting subdued market demand and customer inventory management in North America.
Guidance for FY26 group earnings before interest, tax, depreciation and amortisation (EBITDA) of US$1.05–1.15 billion implies legacy James Hardie EBITDA of about US$842 million at the midpoint — representing a 24% cut to prior guidance.
“James Hardie issued adjusted EPS FY26 guidance for 75–85 cents per share, which could imply more than a 40 per cent downgrade to consensus forecasts,” Barrenjoey’s Brook Campbell-Crawford said. “The stock should be very weak today and focus will be on the call.”
At around midday today, James Hardie shares were down 26.43% to $32.62.