Building materials group James Hardie reported soaring sales and earnings in the wake of sacking its CEO in early January, just after the reporting period had ended.
In truth the solid result belonged to fired chief executive, Jack Truong, who was marched amid claims he bullied and intimidated colleagues.
The company sacked Mr Truong for what it said was his “intimidating, threatening” and disrespectful behaviour which created a hostile work environment and prompted complaints from staff.
He has denied those claims.
The strong results and booming housing markets – especially in the US – saw Hardie raise its full-year profit forecast for a fourth time this fiscal year, which again is a tribute to the way the former CEO positioned the company to ride the US home building boom (and buoyant housing markets elsewhere, such as in Australia).
James Hardie said it now expects adjusted net income between $620 million and $630 million for fiscal 2022, up from its earlier forecast of $605 million to $625 million.
The company’s interim CEO, Harold Wiens, said in the statement on Monday that by focusing on a higher-premium product mix helped the result, with revenue growth more than double the growth in sales volumes of 9%.
The company says net sales for the December quarter rose 22% to $US900 million while Adjusted earnings before interest and tax (EBIT) increased 22% to $US204.1 million.
Net profit for the December quarter was $US135.4 million. Net profit rose 147% for the 9 months to December 31 to $US406.9 million.
The company raised fiscal year 2022 Adjusted Net Income guidance range to $US620 million and $US630 million. This compares to Adjusted Net Income for fiscal year 2021 of $US458 million.
For 2023, the company is guiding to an Adjusted Net Income guidance range of$US740 million to $US820 million.
James Hardie also reported operating cash flow of $US553.3 million for the first 9 months of the year.
Hardie shares ended the session up 2% at $48.60.
