On the back of a steadily improving American economy and better housing market conditions, James Hardie Industries has shared that it now expects its complete year earnings for the current fiscal year to be at the top end of the forecast made by analysts. The announcement led to a substantial rise in the firm's share trading rates.

Shares of the building material supplier hiked by nearly 8% after it posted a $US97.5 Million ($106.6 Million) net loss for the April-September period for the current year, as compared to a $US154.9 Million profit posted for the same period last year. An "unfavorable asbestos adjustment’ of $US182.5 Million was included in the immediate record because of the steadily rising Australian dollar. After adjusting all required payments, the company posted a net operating profit of $US79.2 Million for the current year's first 6 months, which is 4% up compared to last year.

James Hardie has shared that for the current fiscal year, the company is expecting the earnings to be at the higher end of the forecast pegged by analysts, which says that the full year earnings for the firm will range between US$ 77 Million and US$ 115 Million. The new figure does not, however, include asbestos related spending.

Post the announcement, James Hardie shares rose by 58 cents, or 7.8%, in the afternoon trade to sell at a new price of $7.98.