Shares of Ferguson Enterprises Inc. $(FERG)$ dropped 2.5% in premarket trading Tuesday, after the maker of plumbing, HVAC and appliance products missed quarterly revenue expectations, citing "muted" residential end markets as housing activity weakened. Net income for the fiscal fourth quarter to July 31 fell to $451 million, or $2.23 a share, from $584 million, or $2.85 a share, in the same period a year ago. Excluding nonrecurring items, such as deferred tax charges, adjusted earnings per share of $2.98 beat the FactSet consensus of $2.85. Net sales grew 1.4% to $7.95 billion, but were below the FactSet consensus of $8.01 billion. "Residential end markets, representing approximately half of US revenue, remained muted," the company said. "New residential housing start and permit activity weakened during the second half of our fiscal year." For fiscal 2025, the company expects sales growth in the low-single-digit percentage range, while the current FactSet sales consensus of $31.14 billion implies 5.1% growth. The stock has tacked on 2.2% year to date through Monday, while the S&P 500 has rallied 18.1%.
-Tomi Kilgore
For more from MarketWatch: http://www.marketwatch.com/newsviewer
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
September 17, 2024 07:03 ET (11:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments