Ferguson Enterprises Earnings Call Transcripts
Fiscal Year 2026
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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% to $7.6B, with gross margin up to 31% and operating profit up 6.1%. Guidance for full-year revenue and margin was raised, driven by strong U.S. non-residential and HVAC growth, cost savings from restructuring, and continued capital returns.
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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. Guidance remains unchanged, expecting low single-digit sales growth and margin improvement in the second half as deflation eases.
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, with resilient margins despite 2% deflation. Guidance for fiscal 2024 remains broadly flat, with continued volume improvement and a narrowed operating margin range, while strong cash flow supports increased dividends and share repurchases.