U.S. new home sales, which account for 70% of company revenue, rose every month in the December quarter and are expected to be strong despite the prospect of higher mortgage rates, which will boost demand for building materials.
That should support the company’s outlook, even though it is looking for a new chief executive after it fired Jack Truong last month following accusations of misconduct and complaints about his management style. Truong denied those charges.
The Dublin-based company said it now expects adjusted net profit of between $620-630 million for the 2022 financial year, down from $605-625 million previously forecast.
For fiscal 2023, it forecast adjusted profit of between $740 million and $820 million.
It also posted adjusted net income of $154.1 million in the December quarter, up from $123.3 million a year earlier.
Quarterly net sales were $900 million, up 22% from last year, with the North America segment contributing $644.9 million.