Construction materials manufacturer James Hardie (ASX:JHX)
has reported an eight consecutive quarter of consistent profitable growth, as the dual-listed company released its results for the fourth quarter and twelve months of the financial year ending on March 31.
The fourth quarter saw the company’s net sales rise 20 per cent to $1.03 billion, which in effect lifted the full year’s net sales by 12 per cent to $2.9 billion. The fibre cement producer recorded an increase of 9 per cent in net earnings to $338.3 million.
James Hardie’s chief executive, Dr. Jack Truong, said, "I am proud of our globally integrated team’s ability to close out the fiscal year with a fourth quarter of exceptionally strong results.”
The $18.8 billion has attributed the profit growth to increased market share driven by the consistent integration of James Hardie’s supply chain with customers to better satisfy their demands.
Moreover, this fiscal period also witnessed the company’s acceleration of LEAN initiatives, which are measures to eliminate waste from manufacturing operations across its global network.
James Hardie has told investors that the company’s global operations are all booming and achieving consistent growth levels in all three regions including Asia-Pacific, Europe and North America.
James Hardie revealed that the encouraging business data will enable the company to restore its ordinary dividend payment scheme in the upcoming financial year, as the company expects to announce in November 2021 an interim dividend is scheduled for the end of the first half of FY22 .
The global leader in floor and wall building products has updated next year’s guidance for adjusted net income to between $669 million and $734 million.
Shares in James Hardie Industries (ASX:JHX)
last traded at $42.10