Ferguson reports Q4 adjusted EPS $2.98, consensus $2.86

Reports Q4 revenue $7.9B, consensus $8B. CEO Kevin Murphy commented “Once again, our expert associates executed well, going above and beyond to take care of the complex project needs of our specialist pro customers. The year finished in line with our expectations. Despite market headwinds and deflation during the year, we continued to outperform our markets, returned to volume growth, expanded gross margins and delivered solid operating margin performance. Our strong cash flow and balance sheet allow for continued investment in organic growth, sustainable dividend growth, consolidation of our fragmented markets through acquisitions and the continuation of our share repurchase program. Our FY25 guidance reflects modest full year growth with continued market outperformance. While we anticipate an ongoing challenging near term market environment, we will continue to invest in scale and capabilities to take advantage of multi-year structural tailwinds such as underbuilt and aging U.S. housing, non-residential large capital projects and our opportunity with the dual-trade plumbing and HVAC contractor. Our balanced business mix and ability to deploy scale locally give us confidence in our ability to outperform as our markets return to growth.”