Strong Execution Delivers Resilient Full
Year Results
Fourth quarter highlights
- Sales of $7.9 billion, an increase of 1.4% despite continued
deflation of approximately 2%.
- Operating margin of 10.2%, up 20 bps on prior year (10.8% on an
adjusted basis, up 40 bps on prior year).
- Diluted earnings per share of $2.23 ($2.98 on an adjusted
basis).
- Declared quarterly dividend of $0.79 per share.
- Completed four acquisitions during the quarter.
- Share repurchases of $213 million during the quarter.
Full year highlights
- Sales were $29.6 billion, a decrease of 0.3%, with continued
market share gains.
- Gross margin of 30.5% was 10 bps ahead of last year.
- Operating margin of 8.9%, flat to prior year (9.5% on an
adjusted basis, down 30 bps on prior year).
- Diluted earnings per share of $8.53 ($9.69 on an adjusted
basis).
- Strong cash generation with $1.9 billion net cash provided by
operating activities.
- Total dividends declared of $3.16 per share representing 5%
growth over the prior year.
- Invested $260 million in ten acquisitions, generating
annualized revenue of approximately $400 million.
- Share repurchases of $634 million during the year with an
outstanding balance of approximately $900 million remaining under
the current share repurchase program at July 31, 2024.
- Balance sheet remains strong with net debt to adjusted EBITDA
of 1.1x.
- As of August 1, 2024, Ferguson implemented its new corporate
structure and is headquartered in Newport News, VA.
Kevin Murphy, Ferguson CEO, 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 fiscal 2025 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.”
FY2025 Guidance
2025 Guidance
Net sales*
Low single digit growth
Adjusted operating margin**
9.0% - 9.5%
Interest expense
$180 - $200 million
Adjusted effective tax rate**
~26%
Capital expenditures
$400 - $450 million
* Net sales guidance assumes our markets
are down low single digits, inclusive of pricing slightly down for
the year. We assume continued Company market outperformance and
contribution from already completed acquisitions, offset in part by
one fewer sales day.
** The Company does not reconcile
forward-looking non-GAAP measures. See “Non-GAAP Reconciliations
and Supplementary information”.
Three months ended July
31,
US$ (In millions, except per share
amounts)
2024
2023
Change
Reported
Adjusted(1)
Reported
Adjusted(1)
Reported
Adjusted
Net sales
7,946
7,946
7,838
7,838
+1.4%
+1.4%
Gross margin
31.0%
31.0%
30.6%
30.6%
+40 bps
+40 bps
Operating profit
811
857
782
814
+3.7%
+5.3%
Operating margin
10.2%
10.8%
10.0%
10.4%
+20 bps
+40 bps
Earnings per share - diluted
2.23
2.98
2.85
2.77
(21.8)%
+7.6%
Adjusted EBITDA
906
858
+5.6%
Twelve months ended July
31,
US$ (In millions, except per share
amounts)
2024
2023
Change
Reported
Adjusted(1)
Reported
Adjusted(1)
Reported
Adjusted
Net sales
29,635
29,635
29,734
29,734
(0.3)%
(0.3)%
Gross margin
30.5%
30.5%
30.4%
30.4%
+10 bps
+10 bps
Operating profit
2,652
2,824
2,659
2,917
(0.3)%
(3.2)%
Operating margin
8.9%
9.5%
8.9%
9.8%
Flat
(30) bps
Earnings per share - diluted
8.53
9.69
9.12
9.84
(6.5)%
(1.5)%
Adjusted EBITDA
3,015
3,105
(2.9)%
Net debt(1) : Adjusted EBITDA
1.1x
1.0x
(1) The Company uses certain non-GAAP
measures, which are not defined or specified under U.S. GAAP. See
the section titled “Non-GAAP Reconciliations and Supplementary
Information.”
Summary of financial results
Fourth quarter
Net sales of $7.9 billion were 1.4% ahead of last year. Organic
revenue declined 0.2% and the adverse impact of foreign exchange
rates was 0.1%, offset by acquisition growth of 1.7%. Weakness in
certain commodity related categories drove modest overall price
deflation of approximately 2%. Consequently, volumes on an organic
basis were up approximately 2%.
Gross margin was 31.0%, an increase of 40 basis points over last
year, driven by the value we provide to our customers as well as a
decrease to our inventory reserve. Operating expenses continued to
be diligently managed and we remain focused on productivity and
efficiencies while investing in core capabilities for future
growth.
Reported operating profit was $811 million (10.2% operating
margin) was 3.7% ahead of last year. Adjusted operating profit of
$857 million (10.8% adjusted operating margin) was 5.3% ahead of
last year.
Reported diluted earnings per share was $2.23 (Q4 2023: $2.85),
a decrease of 21.8% due to one-time, non-cash deferred tax charges
arising from the new corporate structure. Adjusted diluted earnings
per share of $2.98 was 7.6% ahead of last year due to the increase
in adjusted operating profit and the impact of share
repurchases.
Full year
Net sales of $29.6 billion were 0.3% below last year, 2.4% lower
on an organic basis with an additional 1.8% from acquisitions. An
additional selling day contributed 0.4% to growth while the adverse
impact of foreign exchange rates was 0.1%. Deflation during the
year was approximately 2%.
Gross margin of 30.5% was 10 basis points ahead of last year.
Reported operating profit was $2.7 billion (8.9% operating margin),
0.3% lower than last year. Adjusted operating profit of $2.8
billion (9.5% adjusted operating margin) was 3.2% lower than last
year.
Reported diluted earnings per share was $8.53 (FY2023: $9.12), a
decrease of 6.5%, while adjusted diluted earnings per share of
$9.69 decreased 1.5% due to the lower adjusted operating profit,
partially offset by the impact of share repurchases.
During the year we acquired ten businesses which in aggregate
generate annualized revenue of approximately $400 million.
USA - fourth quarter
Net sales in the US business grew 1.3%, with an organic revenue
decline of 0.2% offset by 1.5% from acquisitions.
Residential end markets, representing approximately half of US
revenue, remained muted. New residential housing start and permit
activity weakened during the second half of our fiscal year.
Repair, maintenance and improvement (“RMI”) work has also remained
soft. Overall, residential revenue was flat in the fourth
quarter.
Non-residential end markets, representing approximately half of
US revenue, showed continued resilience with non-residential
revenue growing by approximately 3% in the fourth quarter.
Non-residential waterworks projects saw solid demand in the quarter
with commercial and industrial revenues also growing. We continued
to see solid bidding activity on large capital projects.
Adjusted operating profit of $844 million was 5.0% or $40
million ahead of last year.
We completed four acquisitions during the quarter that included
Southwest Geo-Solutions, a distributor of erosion control,
containment, geotextile and geogrid products which expands our
Waterworks footprint in the central and southwest regions, and
United Water Works, a distributor of piping and water, storm and
sewer products serving the Orange County and greater Los Angeles
areas in California. Additionally we acquired Gerster Equipment, an
HVAC distributor in New York state, and GAR Engineering, a fire
protection engineering service and design firm based out of North
Carolina.
Canada - fourth quarter
Net sales grew by 2.0%, with an organic revenue decline of 1.2%
and a 2.4% adverse impact from foreign exchange rates offset by a
5.6% impact from acquisitions. Similar to the US segment,
non-residential end markets have been more resilient than
residential end markets. Adjusted operating profit of $22 million
was flat compared to prior year.
Segment overview
Three months ended July
31,
Twelve months ended July
31,
US$ (In millions)
2024
2023
Change
2024
2023
Change
Net sales:
USA
7,528
7,428
+1.3%
28,195
28,291
(0.3)%
Canada
418
410
+2.0%
1,440
1,443
(0.2)%
Total net sales
7,946
7,838
+1.4%
29,635
29,734
(0.3)%
Adjusted operating profit:
USA
844
804
+5.0%
2,820
2,892
(2.5)%
Canada
22
22
Flat
60
76
(21.1)%
Central and other costs
(9
)
(12
)
(56
)
(51
)
Total adjusted operating profit
857
814
+5.3%
2,824
2,917
(3.2)%
Financial position
Net debt to adjusted EBITDA at July 31, 2024 was 1.1x and during
the year we invested $0.4 billion in capital expenditures, paid
$0.8 billion of dividends, invested $0.3 billion in ten
acquisitions, and repurchased 3.3 million of our outstanding shares
equating to $0.6 billion. We have a remaining outstanding balance
of $0.9 billion under the current share repurchase program at July
31, 2024.
We have declared a quarterly dividend of $0.79. The dividend
will be paid on November 8, 2024 to stockholders of record as of
September 27, 2024. This brings the full year dividend to $3.16, a
growth of 5% for the year.
There have been no other significant changes to the financial
position of the Company.
Investor conference call and webcast
A call with Kevin Murphy, CEO and Bill Brundage, CFO will
commence at 8:30 a.m. ET (1:30 p.m. BST) today. The call will be
recorded and available on our website after the event at
corporate.ferguson.com.
Dial in number
US:
+1 646 787 9445
UK:
+44 (0) 20 3936 2999
Ask for the Ferguson call quoting 458942. To access the call via
your laptop, tablet or mobile device please go to
corporate.ferguson.com. If you have technical difficulties, please
click the “Listen by Phone” button on the webcast player and dial
the number provided.
About Ferguson
Ferguson (NYSE: FERG; LSE: FERG) is the largest value-added
distributor serving the specialized professional in our $340B
residential and non-residential North American construction market.
We help make our customers’ complex projects simple, successful and
sustainable by providing expertise and a wide range of products and
services from plumbing, HVAC, appliances, and lighting to PVF,
water and wastewater solutions, and more. Headquartered in Newport
News, Va., Ferguson has sales of $29.6 billion (FY’24) and
approximately 35,000 associates in nearly 1,800 locations. For more
information, please visit corporate.ferguson.com.
Analyst resources
For further information on quarterly financial breakdowns, visit
corporate.ferguson.com on the Investors menu under Analysts and
Resources.
Financial calendar
Q1 Results for period ending October 31,
2024
December 10, 2024 with call from 8:30 a.m.
ET
Timetable for the quarterly dividend
The timetable for payment of the quarterly dividend of $0.79 per
share is as follows:
Ex-dividend date:
September 27, 2024
Record date:
September 27, 2024
Payment date:
November 8, 2024
Further details can be found on our website
corporate.ferguson.com, navigating to Investors, Shareholder
Center, Dividends / Dividend History.
The completion of cross-border movements of shares between the
U.K. and the U.S. is contingent upon the receiving broker
identifying and acknowledging any such movements. Where a
cross-border movement of shares has been initiated but not
completed by the relevant dividend record date (being September 27,
2024 for this quarterly dividend), there is a risk that the
dividend in respect of such shares will not be received on the
dividend payment date. Accordingly, shareholders are advised not to
initiate any cross-border movements of shares during the period
from September 25, 2024 through September 29, 2024 inclusive.
Cautionary note on forward-looking statements
Certain information included in this announcement is
forward-looking, including within the meaning of the Private
Securities Litigation Reform Act of 1995, and involves risks,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed or implied by
forward-looking statements. Forward-looking statements cover all
matters which are not historical facts and include, without
limitation, statements or guidance regarding or relating to our
future financial position, results of operations and growth, plans
and objectives for the future including our capabilities and
priorities, risks associated with changes in global and regional
economic, market and political conditions, ability to manage supply
chain challenges, ability to manage the impact of product price
fluctuations, our financial condition and liquidity, legal or
regulatory changes and other statements concerning the success of
our business and strategies. Forward-looking statements can be
identified by the use of forward-looking terminology, including
terms such as “believes,” “estimates,” “anticipates,” “expects,”
“forecasts,” “guidance,” “intends,” “continues,” “plans,”
“projects,” “goal,” “target,” “aim,” “may,” “will,” “would,”
“could” or “should” or, in each case, their negative or other
variations or comparable terminology and other similar references
to future periods. Forward-looking statements speak only as of the
date on which they are made. They are not assurances of future
performance and are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the
economy and other future conditions. Therefore, you should not
place undue reliance on any of these forward-looking statements.
Although we believe that the forward-looking statements contained
in this announcement are based on reasonable assumptions, you
should be aware that many factors could cause actual results to
differ materially from those contained in such forward-looking
statements, including but not limited to: weakness in the economy,
market trends, uncertainty and other conditions in the markets in
which we operate, and other factors beyond our control, including
disruption in the financial markets and any macroeconomic or other
consequences of political unrest, disputes or war; failure to
rapidly identify or effectively respond to direct and/or end
customers’ wants, expectations or trends, including costs and
potential problems associated with new or upgraded information
technology systems or our ability to timely deploy new omni-channel
capabilities; decreased demand for our products as a result of
operating in highly competitive industries and the impact of
declines in the residential and non-residential markets; changes in
competition, including as a result of market consolidation or
competitors responding more quickly to emerging technologies (such
as generative artificial intelligence (“AI”)); failure of a key
information technology system or process as well as exposure to
fraud or theft resulting from payment-related risks; privacy and
protection of sensitive data failures, including failures due to
data corruption, cybersecurity incidents or network security
breaches; ineffectiveness of or disruption in our domestic or
international supply chain or our fulfillment network, including
delays in inventory availability at our distribution facilities and
branches, increased delivery costs or lack of availability; failure
to effectively manage and protect our facilities and inventory or
to prevent personal injury to customers, suppliers or associates,
including as a result of workplace violence; unsuccessful execution
of our operational strategies; failure to attract, retain and
motivate key associates; exposure of associates, contractors,
customers, suppliers and other individuals to health and safety
risks; risks associated with acquisitions, partnerships, joint
ventures and other business combinations, dispositions or strategic
transactions; regulatory, product liability and reputational risks
and the failure to achieve and maintain a high level of product and
service quality or comply with responsible sourcing standards;
inability to renew leases on favorable terms or at all, as well as
any remaining obligations under a lease when we close a facility;
changes in, interpretations of, or compliance with tax laws; our
indebtedness and changes in our credit ratings and outlook;
fluctuations in product prices (e.g., commodity-priced materials,
inflation/deflation) and foreign currency; funding risks related to
our defined benefit pension plans; legal proceedings in the course
of our business as well as failure to comply with domestic and
foreign laws, regulations and standards, as those laws, regulations
and standards or interpretations and enforcement thereof may
change, or the occurrence of unforeseen developments such as
litigation, investigations, governmental proceedings or enforcement
actions; our failure to comply with the obligations associated with
being a public company listed on the New York Stock Exchange and
London Stock Exchange and the costs associated therewith; the costs
and risk exposure relating to environmental, social and governance
(“ESG”) matters, including sustainability issues, regulatory or
legal requirements, and disparate stakeholder expectations; adverse
impacts caused by a public health crisis; and other risks and
uncertainties set forth under the heading “Risk Factors” in the
Annual Report on Form 10-K for the fiscal year ended July 31, 2023
filed by Ferguson plc with the Securities and Exchange Commission
(“SEC”) on September 26, 2023, in the Quarterly Report on Form 10-Q
filed by Ferguson plc with the SEC on June 5, 2024, and in other
filings we make with the SEC in the future. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. Other than in accordance
with our legal or regulatory obligations, we undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Non-GAAP Reconciliations and Supplementary
Information
(unaudited)
Non-GAAP items
This announcement contains certain financial information that is
not presented in conformity with U.S. GAAP. These non-GAAP
financial measures include adjusted operating profit, adjusted
operating margin, adjusted net income, adjusted earnings per share
- diluted, adjusted EBITDA, adjusted effective tax rate, net debt
and net debt to adjusted EBITDA ratio. The Company believes that
these non-GAAP financial measures provide users of the Company’s
financial information with additional meaningful information to
assist in understanding financial results and assessing the
Company’s performance from period to period. Management believes
these measures are important indicators of operations because they
exclude items that may not be indicative of our core operating
results and provide a better baseline for analyzing trends in our
underlying businesses, and they are consistent with how business
performance is planned, reported and assessed internally by
management and the Board. Such non-GAAP adjustments include
amortization of acquired intangible assets, discrete tax items, and
any other items that are non-recurring. Non-recurring items may
include various restructuring charges, gains or losses on the
disposals of businesses which by their nature do not reflect
primary operations, as well as certain other items deemed
non-recurring in nature and/or that are not a result of the
Company’s primary operations. Because non-GAAP financial measures
are not standardized, it may not be possible to compare these
financial measures with other companies' non-GAAP financial
measures having the same or similar names. These non-GAAP financial
measures should not be considered in isolation or as a substitute
for results reported under U.S. GAAP. These non-GAAP financial
measures reflect an additional way of viewing aspects of operations
that, when viewed with U.S. GAAP results, provide a more complete
understanding of the business. The Company strongly encourages
investors and shareholders to review the Company’s financial
statements and publicly filed reports in their entirety and not to
rely on any single financial measure.
The Company does not provide a reconciliation of forward-looking
non-GAAP financial measures to the most directly comparable U.S.
GAAP financial measures on a forward-looking basis because it is
unable to predict with reasonable certainty or without unreasonable
effort non-recurring items, such as those described above, that may
arise in the future. The variability of these items is
unpredictable and may have a significant impact.
Summary of Organic Revenue
Management evaluates organic revenue as it provides a consistent
measure of the change in revenue year-on-year. Organic revenue
growth (or decline) is determined as the growth (or decline) in
total reported revenue excluding the growth (or decline)
attributable to currency exchange rate fluctuations, sales days,
acquisitions and disposals, divided by the preceding financial
year’s revenue at the current year’s exchange rates.
A summary of the Company’s historical revenue and organic
revenue growth is below:
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Revenue
Organic Revenue
Revenue
Organic Revenue
Revenue
Organic Revenue
Revenue
Organic Revenue
Revenue
Organic Revenue
USA
1.3%
(0.2)%
2.2%
(0.9)%
(2.2)%
(3.7)%
(2.7)%
(5.0)%
(1.5)%
(5.5)%
Canada
2.0%
(1.2)%
6.7%
(0.6)%
(3.7)%
(3.3)%
(5.0)%
(3.3)%
(5.1)%
(2.7)%
Continuing operations
1.4%
(0.2)%
2.4%
(0.9)%
(2.2)%
(3.7)%
(2.8)%
(4.9)%
(1.7)%
(5.3)%
For further details regarding organic revenue growth, visit
corporate.ferguson.com on the Investors menu under Analyst
Consensus and Resources.
Reconciliation of Net Income
to Adjusted Operating Profit and Adjusted EBITDA
Three months ended
Twelve months ended
July 31,
July 31,
(In millions)
2024
2023
2024
2023
Net income
$451
$584
$1,735
$1,889
Provision for income taxes
308
146
729
575
Interest expense, net
47
48
179
184
Other expense, net
5
4
9
11
Operating profit
811
782
2,652
2,659
Corporate restructurings(1)
8
—
28
—
Impairments and other charges(2)
—
(2)
—
125
Amortization of acquired intangibles
38
34
144
133
Adjusted Operating Profit
857
814
2,824
2,917
Depreciation and impairment of
PP&E
42
37
162
148
Amortization and impairment of
non-acquired intangibles
7
7
29
40
Adjusted EBITDA
$906
$858
$3,015
$3,105
(1) For the three and twelve months ended
July 31, 2024, corporate restructuring costs related to incremental
costs in connection with establishing the new corporate structure
to domicile our ultimate parent company in the United States (“the
Merger”).
(2) For the three months ended July 31,
2023, the benefit recorded in impairments and other charges related
to a change in estimated impairment charges in connection with the
closure of certain, smaller underperforming branches in the United
States recorded in the third quarter of fiscal 2023. For the twelve
months ended July 31, 2023, impairments and other charges related
to the $107 million in software impairment charges and $18 million
in charges associated with the closure of certain smaller,
underperforming branches in the United States.
Net Debt : Adjusted EBITDA
Reconciliation
To assess the appropriateness of its capital structure, the
Company’s principal measure of financial leverage is net debt to
adjusted EBITDA. The Company aims to operate with investment grade
credit metrics and keep this ratio within one to two times.
Net debt
Net debt comprises bank overdrafts, bank and other loans and
derivative financial instruments, excluding lease liabilities, less
cash and cash equivalents. Long-term debt is presented net of debt
issuance costs.
As of July 31,
(In millions)
2024
2023
Long-term debt
$
3,774
$
3,711
Short-term debt
150
55
Bank overdrafts(1)
1
17
Derivative liabilities
8
18
Cash and cash equivalents
(571
)
(601
)
Net debt
$
3,362
$
3,200
Adjusted EBITDA
$
3,015
$
3,105
Net Debt: Adjusted EBITDA
1.1x
1.0x
(1) Bank overdrafts are included in other
current liabilities in the Company’s Consolidated Balance
Sheet.
Reconciliation of Net Income
to Adjusted Net Income and Adjusted EPS - Diluted
Three months ended
July 31,
(In millions, except per share
amounts)
2024
2023
per share(1)
per share(1)
Net income
$
451
$
2.23
$
584
$
2.85
Corporate restructurings(2)
8
0.04
—
—
Impairments and other charges(3)
—
—
(2
)
(0.01
)
Amortization of acquired intangibles
38
0.19
34
0.17
Discrete tax adjustments(4)
114
0.56
(32
)
(0.16
)
Tax impact on non-GAAP adjustments(5)
(9
)
(0.04
)
(16
)
(0.08
)
Adjusted net income
$
602
$
2.98
$
568
$
2.77
Diluted weighted average shares
outstanding
202.3
205.1
Twelve months ended
July 31,
(In millions, except per share
amounts)
2024
2023
per share(1)
per share(1)
Net income
$
1,735
$
8.53
$
1,889
$
9.12
Corporate restructurings(2)
28
0.14
—
—
Impairments and other charges(3)
—
—
125
0.60
Amortization of acquired intangibles
144
0.71
133
0.64
Discrete tax adjustments(4)
101
0.49
(36
)
(0.17
)
Tax impact on non-GAAP adjustments(5)
(36
)
(0.18
)
(73
)
(0.35
)
Adjusted net income
$
1,972
$
9.69
$
2,038
$
9.84
Diluted weighted average shares
outstanding
203.5
207.2
(1) Per share on a dilutive basis.
(2) For the three and twelve months ended
July 31, 2024, corporate restructuring costs related to incremental
costs in connection with the Merger.
(3) For the three months ended July 31, 2023, the benefit recorded
in impairments and other charges related to a change in estimated
impairment charges in connection with the closure of certain,
smaller underperforming branches in the United States recorded in
the third quarter of fiscal 2023. For the twelve months ended July
31, 2023, impairments and other charges related to the $107 million
in software impairment charges and $18 million in charges
associated with the closure of certain smaller, underperforming
branches in the United States. (4) For the three and twelve months
ended July 31, 2024, discrete tax adjustments primarily related to
one-time, non-cash deferred tax charges of $137 million, resulting
from the elimination of certain pre-existing U.K. tax attributes as
part of the Merger, partially offset by the release of uncertain
tax positions, as well as the tax treatment of certain compensation
items that were not individually significant. For the three and
twelve months ended July 31, 2023, discrete tax adjustments
primarily related to the release of uncertain tax positions
following the lapse of statute of limitations, as well as
adjustments in connection with amended returns.
(5) For the three and twelve months ended
July 31, 2024, the tax impact of non-GAAP adjustments primarily
related to the amortization of acquired intangibles. For the three
and twelve months ended July 31, 2023, the tax impact on non-GAAP
adjustments primarily related to the impairments and other charges
and amortization of acquired intangibles.
Ferguson plc
Condensed Consolidated
Statements of Earnings
(unaudited)
Three months ended
Twelve months ended
July 31,
July 31,
(In millions, except per share
amounts)
2024
2023
2024
2023
Net sales
$
7,946
$
7,838
$
29,635
$
29,734
Cost of sales
(5,485
)
(5,436
)
(20,582
)
(20,709
)
Gross profit
2,461
2,402
9,053
9,025
Selling, general and administrative
expenses
(1,563
)
(1,544
)
(6,066
)
(5,920
)
Impairments and other charges
—
2
—
(125
)
Depreciation and amortization
(87
)
(78
)
(335
)
(321
)
Operating profit
811
782
2,652
2,659
Interest expense, net
(47
)
(48
)
(179
)
(184
)
Other expense, net
(5
)
(4
)
(9
)
(11
)
Income before income taxes
759
730
2,464
2,464
Provision for income taxes
(308
)
(146
)
(729
)
(575
)
Net income
$
451
$
584
$
1,735
$
1,889
Earnings per share - Basic
$
2.24
$
2.86
$
8.55
$
9.15
Earnings per share - Diluted
$
2.23
$
2.85
$
8.53
$
9.12
Weighted average number of shares
outstanding:
Basic
201.7
204.3
202.9
206.4
Diluted
202.3
205.1
203.5
207.2
Ferguson plc
Condensed Consolidated Balance
Sheets
(unaudited)
As of July 31,
(In millions)
2024
2023
Assets
Cash and cash equivalents
$571
$601
Accounts receivable, net
3,602
3,597
Inventories
4,188
3,898
Prepaid and other current assets
1,020
953
Assets held for sale
29
28
Total current assets
9,410
9,077
Property, plant and equipment, net
1,752
1,595
Operating lease right-of-use assets
1,565
1,474
Deferred income taxes, net
181
300
Goodwill
2,357
2,241
Other non-current assets
1,307
1,307
Total assets
$16,572
$15,994
Liabilities and shareholders’
equity
Accounts payable
$3,410
$3,408
Other current liabilities
1,806
2,021
Total current liabilities
5,216
5,429
Long-term debt
3,774
3,711
Long-term portion of operating lease
liabilities
1,198
1,126
Other long-term liabilities
768
691
Total liabilities
10,956
10,957
Total shareholders' equity
5,616
5,037
Total liabilities and shareholders'
equity
$16,572
$15,994
Ferguson plc
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(In millions)
Twelve months ended
July 31,
2024
2023
Cash flows from operating
activities:
Net income
$
1,735
$
1,889
Depreciation and amortization
335
321
Share-based compensation
49
51
Non-cash impact of impairments
—
125
Changes in inventories
(252
)
607
Increase in receivables and other
assets
(98
)
(1
)
Changes in accounts payable and other
liabilities
11
(196
)
Other operating activities
93
(69
)
Net cash provided by operating activities
of continuing operations
1,873
2,727
Net cash used in operating activities of
discontinued operations
—
(4
)
Net cash provided by operating
activities
1,873
2,723
Cash flows from investing
activities:
Purchase of businesses acquired, net of
cash acquired
(260
)
(616
)
Capital expenditures
(372
)
(441
)
Other investing activities
31
3
Net cash used in investing
activities
(601
)
(1,054
)
Cash flows from financing
activities:
Purchase of treasury shares
(634
)
(908
)
Proceeds from sale of treasury shares
17
17
Net change in debt and bank overdrafts
129
(170
)
Cash dividends
(784
)
(711
)
Other financing activities
(41
)
(35
)
Net cash used in financing
activities
(1,313
)
(1,807
)
Change in cash, cash equivalents and
restricted cash
(41
)
(138
)
Effects of exchange rate changes
(3
)
22
Cash, cash equivalents and restricted
cash, beginning of period
669
785
Cash, cash equivalents and restricted
cash, end of period
$
625
$
669
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240917503337/en/
For further information please contact
Investor relations Brian Lantz, Vice President IR
and Communications Mobile: +1 224 285 2410
Pete Kennedy, Director of Investor Relations Mobile: +1 757 603
0111
Media inquiries Christine Dwyer, Senior Director of
Communications and PR Mobile: +1 757 469 5813
Ferguson Enterprises (NYSE:FERG)
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Ferguson Enterprises (NYSE:FERG)
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