Why the James Hardie Industries plc share price rose 6.8% on Friday

The James Hardie Industries plc (ASX: JHX) share price rose by 6.77% on Friday thanks to its quarterly update.

The construction materials company revealed that net sales from ordinary activities grew by 7% for the nine months ended 31 December 2017 compared to the prior corresponding period.

Statutory net profit attributable to shareholders decreased by 12% compared to the prior corresponding period.

However, management also had a number of other adjusted profit figures to share with the market.

James Hardie achieved Group adjusted net operating profit of US$69.9 million for the quarter and US$205.5 million for the nine months, an increase of 33% and 6% respectively compared to the prior corresponding period.

North America Fiber Cement Segment volume increased 2% for the quarter and 1% for the nine months compared to the prior corresponding quarter.

James Hardie CEO, Louis Gries, said “Our exterior volume remains below our expectations, however we continue to improve quarter to quarter, and grew in line with our market index in the current quarter. Additionally, we continue to reduce our manufacturing inefficiencies and production costs, and also continue to experience higher input costs.”

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