James Hardie announces yearly adjusted net profit of over US$300mn
The building materials company James Hardie Industries has posted a strong fourth quarter result, completing its fiscal year 2019 reporting.
A highlight was the adjusted net operating profit of $300.5mn, up 3% year on year, lessening the blow of the 9% decrease in fourth quarter profit to $73.8mn. Also reported was an impressive increase in sales revenue, up 19% compared to the same quarter last year, and up 22% yearly to US$624.8mn and US$2.51bn respectively.
The results were supported by the strength of James Hardie’s core operations in fiber cement sheeting, particularly in North America, as CEO of James Hardie, Jack Truong said: “Our North America Fiber Cement segment delivered solid revenue growth of 3% for the quarter and 6% for the full year while generating good EBIT margins within our target range in a challenging input cost environment.”
As reported in the Australian Financial Review, the result meant that James Hardie shares gained 3.8% to reach AU$18.50 on Tuesday.
Truong said: “Our consolidated group results reflected good and disciplined financial performance in a significant inflationary cost environment. We enter fiscal year 2020 with our global team aligned on one global strategy that is centered around delivering growth above the market in all of our regions with strong financial returns."
James Hardie is listed on the New York Stock Exchange and the ASX under the symbol “JHX”.