Ferguson PLC (NYSE: FERG) fourth–quarter sales were $7.9 billion, up 21.4% from the same prior-year period. Annual sales for the 12 months ending July 31, 2022, were $28.5 billion, a 25.3% increase year-over-year.
Don’t miss any content from Distribution Strategy Group. Join our list.
Net income was $580 million for the fourth quarter and $2.1 billion for the year.
Ferguson’s U.S. business grew sales by 22.1% in the fourth quarter, driven by 19.8% organic growth and 2.3% from acquisitions. Residential revenue grew by 17%, and nonresidential revenue grew by 28%. U.S. sales were up 26% for the year.
Sales for Ferguson’s Canadian business grew 10.5%, with 14.2% from organic growth in the fourth quarter. Canada sales were up 14.1% for the year.
“Our associates delivered another quarter of strong financial performance driven by continued market share gains and our ability to appropriately manage and pass through price inflation. Ongoing cost control ensured a robust profit performance in the quarter as we ran up against tough prior-year comparables. For the full year, our teams achieved excellent results despite labor and supply chain challenges. The balance sheet remains strong as we continue to invest for organic growth, consolidate our fragmented markets through acquisitions and return capital to shareholders,” Ferguson CEO Kevin Murphy said.