Ferguson PLC

FERG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 34,371.00	Xvwcmp	Tpwydftd

Ferguson Earnings: Acquisitions Continue to Support Growth Amid Softer Residential Markets

Brian Bernard

Jun 4, 2024

There were no surprises in Ferguson’s fiscal third-quarter results (ended April 30). While reported revenue growth of 2.4% came in a tad below our forecast of 3% growth, Ferguson’s 30.5% gross margin bested our forecast by 50 basis points. Stronger operating margin and lower interest expense led to Ferguson’s adjusted EPS of $2.32 beating our projection by approximately 6%.

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