James Hardie issued a bleak warning for its North America business and forecast 2026 earnings below market view on Wednesday, as cash-strapped U.S. homeowners put off any high-ticket renovation projects. Sydney-listed shares of the fiber cement maker crashed 30% in early trade to A$31.07, marking their biggest intraday decline on record. By noon in Sydney, James Hardie had lost roughly A$6.86 billion ($4.41 billion) in value.

Sales of new single-family homes in the United States increased less than expected in June after slumping to a seven-month low the previous month, as higher interest rates dampen demand and housing inventory has risen to its highest since October 2007.

James Hardie's fiber cement sales in North America, its biggest revenue generating region, declined 12% to $641.8 million in the quarter ended June 30.

As a result, the Dublin-headquartered firm's adjusted net income fell to $126.9 million in the first quarter from $177.6 million last year, missing the Visible Alpha estimate of $158.5 million.