Ferguson (NYSE: FERG), Newport News, Va., plumbing and HVAC parts distributor, reported sales for second quarter ending Jan. 31, 2024, were $6.6 billion, a decrease of 2.2% from the prior-year period.
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Profit was $322 million.
U.S. sales in the second quarter were down 2.2%, with an organic revenue decline of 3.7%. Residential end-markets were “subdued.” Nonresidential end-markets saw sales decline about 1%.
Canada sales in the second quarter were down 3.7%.
Sales for the year to date were $14.4 billion, down 2.5% from the prior year. Profit was $841 million.
“Our associates continued to execute well during our seasonally lightest quarter,” said Kevin Murphy, Ferguson’s CEO. “While sales were slightly lower than the prior year, organic performance improved from the first quarter. Current open orders and sales-per-day trends support our expectation of improvement through the balance of the fiscal year against easing comparables. We are appropriately managing costs as we prepare for our seasonally stronger second half.”
