Wolseley reported Q1 FY16/17 results in line with our estimates as well as market consensus (organic revenue growth slightly missed but the trading profit was in line). The lfl revenue increased by +1.8% (vs Q4 FY15/16: +1.5%, Q3 FY15/16: +2.8%; our estimate: +2.3%), once again driven by strong consumer demand in the US residential and commercial markets (c.50% of group revenue). However, ongoing weakness in the US industrial business (c.12% of group revenue) and commodity price deflation (-2
31 Jan 2017
The core segment (US) remains strong; other regions struggle to cope
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The core segment (US) remains strong; other regions struggle to cope
Ferguson Plc (FERG:LON) | 16,950 -28815 (-1.0%) | Mkt Cap: 34,377m
- Published:
31 Jan 2017 -
Author:
Nishant Choudhary -
Pages:
3
Wolseley reported Q1 FY16/17 results in line with our estimates as well as market consensus (organic revenue growth slightly missed but the trading profit was in line). The lfl revenue increased by +1.8% (vs Q4 FY15/16: +1.5%, Q3 FY15/16: +2.8%; our estimate: +2.3%), once again driven by strong consumer demand in the US residential and commercial markets (c.50% of group revenue). However, ongoing weakness in the US industrial business (c.12% of group revenue) and commodity price deflation (-2