Q1 FY19 results were below our estimates. The US continues to grow strongly, with add-on support from Canada. Even though the UK has re-entered into positive territory, led by higher price inflation, volumes continue to decline. Moving forward, we turn conservative on the US, taking a cue from leading indicators like the LIRA and the Architecture Billing Index. In the UK, we maintain our cautious view resulting from Brexit-led macro-economic uncertainties. We have revised our estimates downwa
06 Dec 2018
Q1 FY19 - Lagging expectations
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Q1 FY19 - Lagging expectations
Ferguson Plc (FERG:LON) | 17,348 -11275.9 (-0.4%) | Mkt Cap: 35,183m
- Published:
06 Dec 2018 -
Author:
Ankush Kathuria -
Pages:
3
Q1 FY19 results were below our estimates. The US continues to grow strongly, with add-on support from Canada. Even though the UK has re-entered into positive territory, led by higher price inflation, volumes continue to decline. Moving forward, we turn conservative on the US, taking a cue from leading indicators like the LIRA and the Architecture Billing Index. In the UK, we maintain our cautious view resulting from Brexit-led macro-economic uncertainties. We have revised our estimates downwa