Wolseley releases third quarter results
Wolseley recently released its third-quarter results to April 30, 2013.
Wolseley recently released its third-quarter results to April 30, 2013. In the company’s country-by-country breakdown, it reported like-for-like revenue growth in the United States of 8.3% “as the key businesses continued to take market share.”
The report noted U.S. industrial was held back by lower activity levels in the shale gas sector. U.S. repair, maintenance and improvement markets for the company remained resilient and the recovery in new residential markets continued. HVAC and waterworks businesses also made good progress improving their trading performance. Gross margins were ahead of last year and overall U.S. trading profit of 115 million pounds (about $180 million) was 20 million pounds ahead (about $31 million).
In Canada, the report stated the industrial segment continued to benefit from strength in the extractive sectors. Wolseley like-for-like revenue was flat as new residential construction volumes were weaker, but partially offset by continued infrastructure investment.