REH –18.66%: Issued a downward revision to its FY25 earnings guidance amid ongoing housing market softness.
- Forecast FY25 EBIT of $548–558 million, below consensus of ~$587 million
- Underlying volumes remain subdued and margins under pressure, with no material improvement in 2H trading conditions
Reece has been challenged by a competitive environment in the US waterworks market and whilst shifting US trade policy looks to be improving and nearing the ‘light at the end of the tunnel’, the near-term pressure on earnings remain.
MM remains neutral toward REH
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