Reliance Downgrades 2019 Guidance on Softer Than Anticipated Sales Globally; FVE Under Review
Weaker than expected sales across each of its segments led no-moat Reliance Worldwide to downgrade its fiscal 2019 guidance. It now expects EBITDA in the range of AUD 260 million-AUD 270 million, 7% below its prior expectations and below our AUD 287 million forecast. While we continue to expect strong top-line growth over the medium term, with Reliance to continue to benefit as push-to-connect fittings take increased category share, we put our coverage under review as we assess profitability out...Reliance Worldwide Corporation is a limited liability company. Co. is principally engaged in the design, manufacture and supply of high quality, reliable and premium branded water flow and control products and solutions for the plumbing industry. Co. manufacturers brass Push-to Connect (PTC) plumbing fittings, sold under the SharkBite brand. Co. operates through the following four product segments: Fittings and Pipe, Control Valves, Thermostatic Products and Other Products. Co. has 12 manufacturing facilities across Australia, New Zealand, the United States of America and Spain.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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