Reliance Worldwide Corporation Ltd came under pressure on missing analysts’ estimates for 2018 profit

  • Aug 27, 2018 AEST
  • Team Kalkine
Reliance Worldwide Corporation Ltd came under pressure on missing analysts’ estimates for 2018 profit

Decent Performance in FY 18: Reliance Worldwide Corporation Ltd (ASX: RWC) saw its stock tumbling 8.41% on August 27, 2018 after the company for FY 18 reported 20% growth in underlying net profit to $78.6 million. This is below the analysts’ estimates to report a profit of $81.1 million.

The company has posted a one-time charge of $6 million after the recent reclassification of tariff products imported into the USA. In FY 18, the sales grew 27.8% to $769.4 million and the company now expects the integration of John Guest to result in more than $30 million in annual cost savings by the end of FY2020, compared to a previous estimate of $20 million. For FY 19, EBITDA is expected to be in the range of $280 million to $290 million. Meanwhile, RWC stock has risen 10.36% in three months as on August 24, 2018.

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