Brief: Reliance Worldwide Corporation Sees FY24 H1 Operating Margins To Be Lower

Reliance Worldwide

21/08/2023 02:39

Aug 21 (Reuters) - Reliance Worldwide Corporation Ltd
 RWC.AX :
    * SEES FY24 FIRST HALF OPERATING MARGINS WILL BE LOWER THAN
PCP
    * INVENTORY REDUCTION INITIATIVES UNDERWAY IN FY23 WILL
CONTINUE
INTO FIRST HALF OF FY24
    * AT A CONSOLIDATED LEVEL, RWC EXPECTS THAT ITS REVENUES
WILL BE
DOWN BY LOW SINGLE DIGIT PERCENTAGE POINTS IN FY24
    * CAPITAL EXPENDITURE FOR FY24 IS EXPECTED TO BE IN RANGE OF
$55
MILLION TO $60 MILLION.
    * TARGET TO ACHIEVE STABLE OPERATING MARGINS FOR FY24 VERSUS
FY23
    * INVENTORY REDUCTION INITIATIVES UNDERWAY IN FY23 WILL
CONTINUE
INTO H1 FY24
    * RWC EXPECTS AMERICAS FY24 SALES TO BE DOWN ON PCP BY LOW
SINGLE
DIGIT PERCENTAGE POINTS
    * IN SOME MARKETS, NEW HOME CONSTRUCTION ACTIVITY IS
FORECAST TO
TREND SHARPLY LOWER IN FY24
    * EXPECTS OPERATING CASH FLOW CONVERSION TO RETURN TO NORMAL
LEVELS OF AROUND 90% FOR YEAR
    * FY24 NET INTEREST EXPENSE IS EXPECTED TO BE IN RANGE OF
$28
MILLION TO $31 MILLION
    * FOR ASIA PACIFIC OVERALL, OPERATING MARGINS IN FY24
EXPECTED TO
BE AROUND ONE THIRD LOWER THAN IN FY23

Source text for Eikon:  ID:nASXbVQ8Sr 
Further company coverage:  RWC.AX 

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