Cost Pressures Dampen Brambles' 1H19 Margins, but We See Longer-Term Expansion; FVE Maintained
Wide-moat Brambles enjoyed 5% volume growth in the first half versus the previous corresponding period, or pcp, owing to good underlying U.S. economic conditions, share gains in Europe, and improved results in Asia-Pacific. Along with 2% contribution from price, revenue increased 7% on a constant-currency basis, tracking our full-year forecast. However, negative currency translation drove reported sales growth of only 3%, while continuing cost pressure in transport and lumber expenses led to ope...Brambles is a supply-chain logistics company operating primarily through the CHEP and IFCO brands. Co. has three segments: Pallets segment, which primarily serves the consumer goods, fresh produce and beverage industries, and sub-divided into three regions: Americas, Europe, Middle East and Africa, and Asia-Pacific; Reusable Plastic or Produce Crates segment, which serves the fresh produce and food industry and comprising the IFCO RPC pooling business worldwide and the CHEP RPC pooling businesses in Australia, New Zealand and South Africa; and Containers segment, which comprises four business units: Automotive, Intermediate Bulk Containers, Oil and Gas, and Aerospace.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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