Reece Ltd

REH: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Reece: Soft Start to the Year; US Sales Disappoint

Esther Holloway

Oct 24, 2024

Reece's start to fiscal 2025 is more challenging than we expected. First-quarter fiscal 2025 US sales are about 7% lower than the prior corresponding period on a constant currency basis. Sales volumes are lower, and pricing is under pressure, reflecting the lack of competitive advantages Reece has in the US. Australia and New Zealand revenue was broadly flat with the PCP. The company has guided fiscal 2025 first-half adjusted EBIT of AUD 300 million to AUD 320 million.

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Reece Ltd

Reece: Soft Start to the Year; US Sales Disappoint

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