Ferguson Enterprises reported on August 10 that sales rose 4.6% to $8.8 billion for the quarter ended June 30 and raised its full-year sales outlook to mid-single-digit growth, before counting FloWorks. Adjusted operating profit rose 2.9%, trailing the sales gain, and gross margin slipped 20 basis points to 31.0%, while reported earnings per share of $3.43 rose 6.9% and adjusted earnings per share of $3.39 grew 5.3%. US non-residential revenue jumped 8% on share gains, and residential sales, roughly half of revenue, still rose 2% in the US even as new construction and repair work stayed soft, while Canada sales slipped 1.9%. Ferguson closed five acquisitions in the quarter and on July 13 announced a deal for FWI Holdings, known as FloWorks, an industrial distributor of valves and flow-control products expected to close in the third quarter; the eight deals announced this year carry about $1.4 billion in annualized revenue. The company bought back $202 million of stock in the quarter and declared a $0.89 dividend payable October 7 to holders of record on August 21, with net debt at 1.3 times adjusted EBITDA.
Ferguson PlcFerguson raised its full-year sales outlook and reported higher sales, EPS, and adjusted operating profit.
Ferguson announced a deal to acquire FloWorks, an industrial distributor of valves and flow-control products.
