Ferguson under pressure following quarterly results, guidance

Shares of Ferguson are under pressure in Tuesday morning trading after the company reported quarterly results, with Q2 net income declining to $374M from $436M the year prior. The company also reported Q2 earnings per share from continuing operations of $1.80 versus $1.97 year-over-year, with Q2 adjusted EPS at $1.91. Ferguson’s net sales for the quarter came in at $6.8B, up 4.9% year-over-year. For 2023, the company sees net sales of low single digit growth and adjusted operating margin of 9.3%-9.9%. Additionally, Ferguson also declared quarterly dividend of 75c. PRICE ACTION: Shares of Ferguson have dropped over 3% to $138.76 in Tuesday morning trading.