Reece's Sales Revenue Falls 5% in Fiscal Q1; Shares Down 7%

MT Newswires Live2024-10-24

Reece (ASX:REH) sales revenue declined 5% to AU$2.23 billion in the first quarter of fiscal 2025 compared with the year-ago period, according to a Thursday filing with the Australian bourse.

On a constant currency basis, revenue fell 4%.

Sales revenue was broadly flat in Australia and New Zealand and was down 6.5% in the US.

Chief Executive Officer Peter Wilson said: "As we look ahead, the lead indicators continue to be challenging in both regions. While the US has seen its first rate cut, this will take time to work through the system."

The company, which provides plumbing, waterworks, and related products, expects adjusted earnings before interest and taxes to range from AU$300 million to AU$320 million in the first half.

Reece's shares were down nearly 7% in recent Thursday trade.

Price (AUD): $24.61, Change: $-1.81, Percent Change: -6.81%

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