August 14, 2014 / 11:02 PM / 3 years ago

James Hardie Q1 profit slides 80 pct, warns of slower US recovery

SYDNEY, Aug 15 (Reuters) - James Hardie Industries PLC , the world’s biggest fiber cement products maker, on Friday posted an 80 percent fall in fiscal first quarter net profit and revised down its full-year earnings due to an uncertain U.S. economic recovery.

James Hardie, which generates two-thirds of its revenue in Europe and the United States, reported net profit of $28.9 million for the three months ended June 30, down from $142.2 million a year ago.

Chief Executive Officer Louis Gries said the U.S. market “is recovering more modestly than we assumed at the start of the year.”

Reporting By Jane Wardell; Editing by Chris Reese

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