(Bloomberg) -- Reece Ltd shares plunged the most in almost five decades after the Australian plumbing supplies company reported a drop in full-year profit and warned of ongoing weakness in the US housing market.

The stock sank as much as 22%, the most since June 1978, after the firm’s net income fell 24% to A$316.9 million ($205 million) in the year to June 30, missing analysts’ estimates. It also said it anticipates the US real estate market to be constrained for the next 12 to 18 months amid affordability challenges, according to an exchange statement Monday.

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While Reece posted a “reasonable” result in a tough environment, “US macro still appears a concern,” Citigroup Inc. analyst Samuel Seow wrote in a note. The company gets about 57% of its revenue from the US, according to data compiled by Bloomberg.

Read: Australia’s Hot Stock Market Shows No Mercy for Earnings Misses

Reece’s caution joins a string of warnings from companies with exposure to the US housing market. James Hardie Industries Plc’s Sydney-listed stock endured its worst session in half a century last week after the building materials maker warned on weaker property demand. Reliance Worldwide Corp Ltd shares also took a hit after the plumbing products company flagged a sluggish sales outlook.

(Adds chart, detail on Reliance Worldwide’s earnings in fourth paragraph)

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