HD Supply Announces the Sale of its Waterworks Segment; Authorizes Share Buyback
HD Supply shares traded down almost 18% on June 6 after the narrow-moat industrial distributor announced its fiscal first-quarter results, the sale of its $2.6 billion Waterworks segment, and the authorization of a $500 million buyback program. We believe the sell-off was in reaction to weaker-than-expected facilities maintenance segment performance and the sale of its Waterworks segment, which has been a steady performer, albeit with margins that have generally been below the company average. A...HD Supply Holdings is a holding company. Through its subsidiaries, the company is an industrial distributor in North America. The company's segments include: Facilities Maintenance and Construction and Industrial. The company's Facilities Maintrnance segment distributes maintenance, repair and operations products, provides services and fabricates custom products. Products include electrical and lighting items, and plumbing, heating, ventilating, and air conditioning products. The company's Construction and Industrial segment distributes hardware, tools and materials to non-residential and residential contractors. Products include tilt-up brace systems, forming and shoring systems, concrete chemicals, and cutting tools.
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