Full Year 2024 Reliance Worldwide Corporation Ltd Earnings Call Transcript
Key Points
- Reliance Worldwide Corp Ltd (RLLWF) achieved strong financial results for FY24, meeting revenue and operating margin guidance.
- The company successfully rolled out key new product initiatives, including SharkBite Max in North America and PEX-a pipe and expansion fittings in the US.
- Operationally, the company saw a 52% reduction in the reportable injury frequency rate, indicating improved health and safety performance.
- The integration of Holman with RWC is progressing well, with revenue opportunities being actively pursued.
- The company achieved a 35% reduction in Scope 1 and Scope 2 greenhouse gas emissions relative to the baseline set in FY21, on track to meet or exceed the 2030 goal.
- Net sales excluding Holman were down 2.4%, reflecting lower volumes in all regions.
- Adjusted net profit after tax was 5.7% lower than the previous corresponding period.
- The company faced significant challenges in the EMEA region, with sales down 9.6% and EBITDA margin impacted by lower volumes.
- The closure of the Supply Smart business in the US resulted in a $10 million non-cash write-off.
- The company incurred $27 million in one-off items related to restructuring and acquisitions, impacting overall financial performance.
Good day, and thank you for standing by. Welcome to Reliance Worldwide Corporation's full-year earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, to Mr. Heath Sharp, CEO. Please go ahead.
Good morning, everyone. Welcome to RWC's FY24 full-year earnings call. This is Heath Sharp. I'm joined here in Sydney today by Andrew Johnson, our CFO. We will provide a short overview of our results for the financial year ended June 30, 2024, followed by a Q&A session.
But before we get underway, I would like to note that we have released our 2024 ESG report today, along with our annual report and FY24 announcement materials. We're very pleased to have achieved this milestone of concurrently releasing our annual report and our ESG report.
Now moving on to our results. We will start with an overview of
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