James Hardie Industries (ASX:JHX) has announced the results for the 3rd quarter, the three months ending December 31, 2022.
James Hardie Industries says Global Net Sales declined 4% to US$860.8M, and Adjusted Net Income declined 16% to US$129M.
It also says based on its lower than expected second half volume results, its Adjusted Net Income guidance range is US$600M to US$620M, instead of between US$650M to US$710M.
It also says it created redundancies in SG&A (selling, general, and administrative expenses) to ensure alignment with its strategic needs, as well as lowered its discretionary SG&A spend in the second half of FY23 compared to the first half.