Wed, Sep 25, 8:22 PM (86 days ago)
Ferguson Enterprises Inc., following its merger with Ferguson plc effective August 1, 2024, reported a slight decline in fiscal 2024 revenues to $29,635 million, down 0.3% from $29,734 million in fiscal 2023. The decrease was attributed to a 2% price deflation in commodity categories, offset by incremental sales from acquisitions. Operating profit fell marginally to $2,652 million, while net income decreased by 8.2% to $1,735 million, impacted by a one-time deferred tax charge of $137 million due to the merger. Diluted earnings per share were $8.53, reflecting a 6.5% decline. Operating cash flow also decreased to $1,873 million from $2,723 million in the prior year, largely due to lower net income and increased working capital needs. The company invested $260 million in acquisitions and $372 million in capital expenditures. Ferguson maintains a robust liquidity position with $571 million in cash and $2.2 billion in available credit. Risk factors include economic fluctuations, competition, and supply chain disruptions, which could affect future performance. The company continues to focus on strategic acquisitions and operational efficiencies to enhance market position.