Rexel released a disappointing H1 15 with O&G headwinds to its North American (NA) and Pacific business coming in much higher than our estimates and management's expectations. The stronger dollar helped the 7.8% growth (Q1: 7.1%, Q2: 8.4%) in reported revenue; Q2 top-line of €3.4bn was broadly in line with the consensus estimate. However, on a constant and same day basis it was -1% for H1 15 vs. our full-year estimate of -1.6% (NA:-3.3% vs. our estimate of 0.2% for the full year). Ma
12 Aug 2015
Margin guidance challenged; North American top-line weathers headwinds from O&G exposure
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Margin guidance challenged; North American top-line weathers headwinds from O&G exposure
Rexel SA (RXL:PAR) | 0 0 (-0.6%) | Mkt Cap: 4,449m
- Published:
12 Aug 2015 -
Author:
Vibha Issar -
Pages:
3
Rexel released a disappointing H1 15 with O&G headwinds to its North American (NA) and Pacific business coming in much higher than our estimates and management's expectations. The stronger dollar helped the 7.8% growth (Q1: 7.1%, Q2: 8.4%) in reported revenue; Q2 top-line of €3.4bn was broadly in line with the consensus estimate. However, on a constant and same day basis it was -1% for H1 15 vs. our full-year estimate of -1.6% (NA:-3.3% vs. our estimate of 0.2% for the full year). Ma