News: RWC Reliance Worldwide Corporation Sees FY24 H1 Operating Margins To Be Lower

Aug 21 (Reuters) - Reliance Worldwide Corporation Ltd (RWC) :

• SEES FY24 FIRST HALF OPERATING MARGINS WILL BE LOWER THAN PCP
• INVENTORY REDUCTION INITIATIVES UNDERWAY IN FY23 WILL CONTINUE INTO FIRST HALF OF FY24
• AT A CONSOLIDATED LEVEL, RWC EXPECTS THAT ITS REVENUES WILL BE DOWN BY LOW SINGLE DIGIT PERCENTAGE POINTS IN FY24
• CAPITAL EXPENDITURE FOR FY24 IS EXPECTED TO BE IN RANGE OF $55 MILLION TO $60 MILLION.
• TARGET TO ACHIEVE STABLE OPERATING MARGINS FOR FY24 VERSUS FY23
• INVENTORY REDUCTION INITIATIVES UNDERWAY IN FY23 WILL CONTINUE INTO H1 FY24
• RWC EXPECTS AMERICAS FY24 SALES TO BE DOWN ON PCP BY LOW SINGLE DIGIT PERCENTAGE POINTS
• IN SOME MARKETS, NEW HOME CONSTRUCTION ACTIVITY IS FORECAST TO TREND SHARPLY LOWER IN FY24
• EXPECTS OPERATING CASH FLOW CONVERSION TO RETURN TO NORMAL LEVELS OF AROUND 90% FOR YEAR
• FY24 NET INTEREST EXPENSE IS EXPECTED TO BE IN RANGE OF $28 MILLION TO $31 MILLION
• FOR ASIA PACIFIC OVERALL, OPERATING MARGINS IN FY24 EXPECTED TO BE AROUND ONE THIRD LOWER THAN IN FY23