Ferguson Enterprises Earnings Call Transcripts
Fiscal Year 2026
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Sales grew 3.6% to $7.5B with margin expansion and strong non-residential growth offsetting residential weakness. Guidance for 2026 is reaffirmed, with inflation and volume pressure expected to persist, but strategic investments and acquisitions support continued outperformance.
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The meeting covered director elections, auditor ratification, and executive compensation approval, with all proposals passing. No shareholder questions were raised, and final voting results will be filed with the SEC.
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Revenue grew 5% to $31.3B with strong non-residential and Waterworks performance, while residential remained flat. Operating profit rose 11.3% and EPS increased 13.4%. 2026 guidance expects low to mid-single digit growth, with continued margin strength and robust capital allocation.
Fiscal Year 2025
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Sales grew 5% to $8.2B with strong non-residential and large project gains, while residential remained soft. Operating margin expanded to 9.9%, and EPS rose 16%. 2025 guidance calls for 5% revenue growth and higher margins, with continued investment and capital returns.
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Fourth quarter and full-year results showed strong growth in non-residential markets and solid execution in key growth areas, despite ongoing softness in residential construction. Operating profit, margins, and cash flow improved, with continued investment in acquisitions and shareholder returns.
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Third quarter sales grew 4.3% year-over-year to $7.6 billion, with gross margin up to 31% and operating profit rising 6.1%. Guidance was raised for both revenue and margin, reflecting strong performance in HVAC, Waterworks, and large capital projects, despite ongoing market uncertainty.
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Q2 sales rose 3% to $6.9B, with strong organic growth in HVAC and waterworks offsetting commodity deflation and margin pressure. Full-year guidance was revised for lower margins, with cost actions and investments in growth areas expected to support future performance.
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First quarter sales grew 0.8% to $7.8B, with adjusted operating profit at $706M and EPS down 7.5% year-over-year. Volume growth offset price deflation, and guidance for fiscal 2025 remains unchanged, with continued investment in growth and efficiency initiatives.
Fiscal Year 2024
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Q4 and full-year results showed resilient performance with sales growth, margin expansion, and strong cash flow despite deflation and market headwinds. Fiscal 2025 guidance anticipates modest revenue growth, ongoing deflation, and continued investment in organic and acquisitive growth.
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Q3 saw 2.4% revenue growth and 5.5% EPS increase, driven by volume gains despite 2% deflation. Gross margin improved, and guidance for FY24 was narrowed with continued deflation expected. Capital returns and acquisitions remained strong, with balanced exposure to resilient end markets.