Ferguson (NYSE: FERG) announced that its second-quarter sales for the fiscal 2023 year were $6.83 billion, up 4.9% from the prior-year period. Organic growth was 2.7%.
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Ferguson U.S. grew sales by 5.4%, driven up by 2.6% organic growth with a further 2.8% from acquisitions.
Profit for the quarter was $374 million, down from $436 million.
In the U.S., residential revenue grew by about 1% in the second quarter. Non-residential end-markets, representing just under half of U.S. revenue, grew by about 11% in the second quarter.
Year to date, overall company sales were $14.8 billion, up 10.9%, and profit was $969 million.
“The year is unfolding as we expected and our associates continue to deliver solid results by leveraging our scale and core strengths to help our customers deliver their complex projects,” said Kevin Murphy, Ferguson CEO. “We continue to appropriately manage costs to position the business for challenging end-markets. Importantly, working capital management led to strong cash generation, which enables us to continue investing for organic growth, consolidating our fragmented markets through acquisitions and returning capital to shareholders.”