FERG - Why Plumbing And Heating Products Distributor Ferguson Shares Are Surging Today | Benzinga
Ferguson PLC (NYSE: FERG) shares are trading higher after it reported Q1 FY24 results. Sales declined 2.8% Y/Y to $7.71 billion, beating the consensus of $7.65 billion.
The sales decline was due to lower residential sales. Organic revenue fell 4.9%, with foreign exchange rates having a 0.1% adverse impact.
Net sales in the U.S. business fell 2.7%, with an organic revenue decline of 5.0%, and net sales in Canada business fell by 5.0%, with an organic revenue decline of 3.3% and a 1.7% unfavorable impact from foreign exchange rates.
The gross margin for the quarter contracted by 30 bps to 30.2%, and the adjusted operating margin contracted by ...