Ferguson Enterprises (FERG) Stock Rises After Earnings Beat and Guidance Upgrade
TLDR
- Ferguson posted adjusted EPS of $3.39, beating the Wall Street estimate of $3.30
- Net sales grew 4.6% to $8.75 billion, topping analyst expectations of $8.68 billion
- Full-year sales guidance upgraded to mid-single digit growth from low to mid-single digit
- Non-residential revenue rose 8% in Q2; residential returned to growth despite a weak market
- Ferguson completed five acquisitions in the quarter and agreed to acquire FloWorks
Ferguson Enterprises beat second-quarter earnings estimates on Monday and raised its full-year guidance, sending FERG stock up 1.3% to around $260 in premarket trading.
Adjusted EPS came in at $3.39, up from $3.22 a year ago and ahead of the Wall Street consensus of $3.30. Net sales rose 4.6% to $8.75 billion, beating analyst expectations of $8.68 billion.
Organic revenue in the US grew 4% for the quarter, with acquisition activity adding another 1% to growth.
CEO Kevin Murphy said the company delivered “market outperformance” in Q2 and that Ferguson returned to residential growth despite what he called a “challenging market backdrop.”
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