BRG -4.7%: a mixed set of results for the appliance manufacturer today with the market focussing on the negatives. Revenue was a big miss on weak Europe, Middle East and Africa (EMEA) as the distribution contribution out of Ukraine constrained sales. Revenue of $888m was a ~5% miss, but EBIT was a small beat, up 8% to $121m showing cost control was key. Guidance of FY EBIT of $165-172m was close enough to consensus at $170m, however, there are some concerns with inventory levels as sales peter out.
MM is neutral / bearish BRG
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