World News – AU – Reliance (ASX: RWC) share price under scrutiny after strong first quarter sales growth


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Motley Fool Australia »Share Gainers» Reliance (ASX: RWC) share price on watch after strong first quarter sales growth

James Mickleboro | October 1, 2020 8:52 am | Find out more: RWC

Reliance Worldwide Corporation Ltd (ASX: RWC) share price will be watched today after a trade update was released ahead of its investor day

This morning, the plumbing parts company revealed that its sales continued their strong recovery at the start of fiscal 2021

According to the press release, until September 25 inclusive, the company’s sales performance in each of its three regions remains in line with what was reported at the end of August

In the Americas, its sales increased 15% in August and 29% in September compared to the previous corresponding period Management revealed that it has seen improved sales in wholesale channels and a recovery continued in the Canadian market Growth in retail and hardware sales in the United States in September was relatively in line with the trends of July and August

However, he warned that he does not expect this high demand to continue until fiscal 2021 Especially with the end of the COVID-19 stimulus measures

In the APAC region, Reliance saw a 2% drop in sales in August and a 4% increase in September This is largely due to growth in external sales

Once again, management has warned that lower housing approvals and new housing starts could cause headwinds

Finally, in the EMEA region, the company saw a 5% increase in sales in August and a significant jump of 24% in September Management said the jump was due to pent-up demand following lockdowns in Europe and restocking

Company CEO Heath Sharp said: “The first quarter of fiscal 2021 has been particularly strong from a sales perspective. Looking ahead, we remain cautious The United States has been boosted by the surge in DIY activity and the return of construction activity to pre-COVID levels, but without further government stimulus, this growth is expected to slow « 

« We expect the Australian market to slow down as reduced building permits for new homes lead to lower construction activity In the UK, we don’t know where underlying demand levels will stabilize once pent-up demand for plumbing products and services is satisfied. We are also attentive to the impact that the recent increase in the number of COVID-19 cases could have on the demand and the plumbing activities there, ”he added.

In light of the above, the CEO has warned investors not to expect this level of sales growth to persist

M Sharp concluded: “Given the uncertainties that persist in all of our markets due to COVID-19, we would caution against extrapolating first quarter sales performance to the full year. »

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James Mickleboro has no position in any of the stocks mentioned The Motley Fool Australia parent company, Motley Fool Holdings Inc owns shares of Reliance Worldwide Limited The Motley Fool Australia recommended Reliance Worldwide Limited We fools, no may not all have the same opinions, but we all believe that considering a diverse range of information makes us better investors The Motley Fool has a Disclosure Policy This article contains general investment advice only (under AFSL 400691) Authorized by Scott Phillips

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Reliance Worldwide Corp Ltd, ASX: RWC, ASX

World News – AU – Reliance (ASX: RWC) share price under scrutiny after strong sales growth in first trimester



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