RWC +8.94% was up the most in six months, following a solid earnings beat for FY24, and while they didn’t issue any guidance for FY25, the beat plus a small $19.6mn buyback was enough to send the plumbing supply stock higher today.
- Net Sales $1.25bn, +0.2% yoy, slightly above estimates of $1.24bn.
- Adjusted Ebitda of $274.6b vs estimates of $267.8mn. / 2.5% beat
- NPAT of $146.9mn, down -5.7% yoy vs estimates $147.2mn.
Higher interest rates weighed on consumer appetite for remodelling activity and lower residential new construction activity levels, but RWC navigated the tough conditions in reasonable shape. This is the sort of business to own i.e. one that can handle the tougher times, and remain in a good position for when the external environment turns for the better.
MM is cautiously bullish towards RWC
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