Wolseley reported FY16 results (year ending 31 July) slightly ahead of our estimates. Despite commodity price deflation (-1.5% impact on the top-line) and weak industrial business in the US (-10% lfl yoy, 12% of US revenue), the company’s lfl revenue was up 2.4% (vs our estimate: 2.5%). Strong consumer demand in the US residential and commercial markets (jointly contributing c.73% of the US revenue) safeguarded 4.1% organic growth in the region (vs our estimate: 4.3%; c.66% of group rev
11 Nov 2016
Europe remains weak; onus again on the US
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Europe remains weak; onus again on the US
Ferguson Plc (FERG:LON) | 16,950 -28815 (-1.0%) | Mkt Cap: 34,377m
- Published:
11 Nov 2016 -
Author:
Nishant Choudhary -
Pages:
3
Wolseley reported FY16 results (year ending 31 July) slightly ahead of our estimates. Despite commodity price deflation (-1.5% impact on the top-line) and weak industrial business in the US (-10% lfl yoy, 12% of US revenue), the company’s lfl revenue was up 2.4% (vs our estimate: 2.5%). Strong consumer demand in the US residential and commercial markets (jointly contributing c.73% of the US revenue) safeguarded 4.1% organic growth in the region (vs our estimate: 4.3%; c.66% of group rev