Ferguson (NYSE: FERG), Newport News, Va., plumbing and HVAC parts distributor, reported sales for its fiscal fourth quarter 2024 ended July 31, 2024, were $7.9 billion, an increase of 1.4% from the prior-year period despite continued deflation.
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Full-year sales were $29.6 billion, down 0.3% from last year.
Profit was $1.7 billion for the year, and $451 million for the quarter.
U.S.
U.S. sales in the fourth quarter were $7.5 billion, up 1.3% with an organic revenue decline of 0.2% offset by 1.5% from acquisition. Residential end-markets were “muted.” Nonresidential end-markets saw sales increase by 3%.
Annual sales in the U.S. were $28.2 billion, down 0.3%.
Canada
Canada sales in the fourth quarter were $418 million, up 2%, with organic revenue decline of 1.2% and a 2.4% adverse impact from foreign exchange rates offset by 5.6% impact from acquisitions.
Annual sales in Canada were $1.4 billion, down 0.2%.
“Our fiscal 2025 guidance reflects modest full-year growth with continued market outperformance,” said Kevin Murphy, Ferguson’s CEO. “While we anticipate an ongoing challenging near-term market environment, we will continue to invest in scale and capabilities to take advantage of multi-year structural tailwinds such as underbuilt and aging U.S. housing, non-residential large capital projects and our opportunity with the dual-trade plumbing and HVAC contractor. Our balanced business mix and ability to deploy scale locally give us confidence in our ability to outperform as our markets return to growth.”
