Ferguson (NYSE: FERG) reported sales in its first quarter 2024 ended Oct. 31, 2023, were $7.7 billion, a decline of 2.8%. Organic revenue was down 4.9%.
Profit was $519 million.
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The company’s decrease was driven by a decline in residential, partially offset by growth in nonresidential sales from the prior-year period.
Sales in the U.S. business were $7.3 billion, down 2.7%, with organic sales down 5%.
Residential end-markets, which comprise just over half of U.S. revenue, were “subdued,” according to a press release. Residential revenue declined by about 7% in the quarter.
Nonresidential end-markets were more stable, growing by about 2%. Commercial and industrial activity “held up well in the quarter.” Ferguson reported “good levels of megaproject-related bid activity.”
In Canada, sales were $379 million, up 5%.
Ferguson is a distributor of infrastructure, plumbing and appliances, HVAC, fire, fabrication and other products.
