Ferguson Enterprises 2Q Sales Top Estimates But Profit Declines

Dow Jones03-11

By Denny Jacob

Ferguson Enterprises posted higher-than-expected sales in its latest quarter but saw its profit decline from the year-ago period.

The plumbing and heating materials distributor logged net income of $276 million, or $1.38 a share, for the second quarter ended Jan. 31, down from $322 million, or $1.58 a share, in the prior-year period.

Stripping out certain one-time items, earnings came in at $1.52 a share. Analysts polled by FactSet expected $1.58 a share.

Sales grew to $6.87 billion from $6.67 billion. Analysts polled by FactSet expected $6.76 billion.

Ferguson said sales grew 3% from the prior-year period, with 2.1% growth coming from organic revenue and the rest from acquisitions.

"We are navigating a unique time with continued subdued markets and persistent commodity price deflation that drove lower than expected adjusted operating margin in our seasonally lightest quarter," said Chief Executive Kevin Murphy.

For fiscal 2025, Ferguson maintained its sales outlook of low-single-digit growth. But the company now sees adjusted operating margins between 8.3% and 8.8% compared to its prior outlook set in the range of 9% and 9.5%.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 11, 2025 07:10 ET (11:10 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Analysts polled by FactSet expected $1.58 a share. \n\n\n  Sales grew to $6.87 billion from $6.67 billion. Analysts polled by FactSet expected $6.76 billion. \n\n\n  Ferguson said sales grew 3% from the prior-year period, with 2.1% growth coming from organic revenue and the rest from acquisitions. \n\n\n  \"We are navigating a unique time with continued subdued markets and persistent commodity price deflation that drove lower than expected adjusted operating margin in our seasonally lightest quarter,\" said Chief Executive Kevin Murphy. \n\n\n  For fiscal 2025, Ferguson maintained its sales outlook of low-single-digit growth. 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