Summary
Ferguson Enterprises Inc. reported its fiscal year 2024 results, a period marked by a slight dip in net sales but resilient profitability. Net sales for the year were $29.6 billion, a modest decrease of 0.3% compared to the prior year, attributed to price deflation and lower sales volumes, partially offset by acquisitions and an extra sales day. Despite the slight revenue decline, the company maintained its operating profit and reported diluted earnings per share of $8.53. A notable event during the year was the completion of a merger that established Ferguson Enterprises Inc. as a Delaware corporation, with Ferguson plc becoming a wholly owned subsidiary. The company continued its focus on strategic initiatives, including investing in new market distribution centers and technology, alongside a robust share repurchase program. The balance sheet remains solid with total debt at $3.9 billion and significant liquidity available from undrawn debt facilities, positioning the company to fund operations and strategic investments.
Financial Highlights
50 data points| Revenue | $29.64B |
| Cost of Revenue | $20.58B |
| Gross Profit | $9.05B |
| SG&A Expenses | $6.04B |
| Operating Income | $2.65B |
| Net Income | $1.74B |
| EPS (Basic) | $8.55 |
| EPS (Diluted) | $8.53 |
| Shares Outstanding (Basic) | 202.90M |
| Shares Outstanding (Diluted) | 203.50M |
Key Highlights
- 1Net sales for fiscal year 2024 were $29.6 billion, a slight decrease of 0.3% compared to fiscal year 2023, primarily due to price deflation and lower sales volumes.
- 2Operating profit remained stable at $2.65 billion, with a diluted EPS of $8.53.
- 3The company completed a significant corporate restructuring, moving its ultimate parent company domicile to the United States.
- 4Ferguson invested $372 million in capital expenditures and $260 million in acquisitions during fiscal 2024, supporting its growth strategy.
- 5The company returned $1.4 billion to shareholders through dividends and share repurchases ($784 million and $634 million, respectively).
- 6Total debt stood at $3.9 billion as of July 31, 2024, with ample liquidity from available debt facilities.
- 7The United States segment continues to dominate sales, representing 95% of the total, with the Canadian segment contributing 5%.