Reece Reports 18% Decline in Quarterly EBIT Amid Housing Market Pressures
- brg_news_room
- Nov 24
- 1 min read
Australia: Plumbing and bathroom products supplier Reece has reported an 18% decline in earnings before interest and tax to USD 129 million for the September quarter, with EBITDA down 8% to USD 222 million compared to the same period last year. The Australian company, which distributes through its branch network and online and has a significant US presence, cited persistent cost pressures and escalating labour expenses impacting US operations. Chairman and CEO Peter Wilson noted continued subdued activity in both the US and Australian housing markets, with shares falling over 50% in the past year, and highlighted that the USD 1.9 billion acquisition of Morsco in 2018 continues to weigh on overall financial performance.
Source: Finance News Network
