Australia's Reece hits over 1-year high on upbeat quarterly update
BUZZ-Australia's Reece hits over 1-year high on upbeat quarterly update Updates
** Shares of Reece REH.AX rise as much as 10.9% to A$17.48, their biggest intraday pct gain since June 25
** Plumbing products distributor posts Q1 sales revenue of A$2.51 billion ($1.77 billion), up 4.3% YoY
** Says ANZ sales rose 12.8%, supported by continued volume momentum and a mid-single-digit contribution from inflation
** Logs increase in US sales by 5.6% in Q1, while like-for-like sales increased 2.4%
** Expects a strong first half in ANZ, but sees challenging conditions in the US persisting as subdued new residential construction market continues to weigh on ops
** Co remains cautious on 2H27 given complexity of current environment
** Citi calls update "largely in-line"; broker models declines in EBIT in 2H vs consensus, which is expecting growth
** Stock up 27.3% YTD, including the day's moves
($1 = 1.4221 Australian dollars)
(Reporting by Paridhi Minda and Nikita Maria Jino in Bengaluru)
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See all newsAustralia's Reece hits over 1-year high on upbeat quarterly update
Brief: Reece Posts Q1 FY27 Sales Revenue Of A$2,510 MLN
Corrected: BUZZ-Australia's Reece hits over one-year high on upbeat quarterly update
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