FERG - Ferguson declines after reporting quarterly results

2023-06-06 07:32:57 ET

Ferguson’s ( NYSE: FERG ) stock fell in premarket trading Tuesday after the distributor of plumbing and heating products reported quarterly results. The shares slipped 3.4% to $142.01 by 7:31 a.m. ET.

The company’s sales declined 2% from a year earlier to $7.14 billion in its fiscal Q3. The company attributed most of the decline to having one fewer sales days than it did last year. Wall Street analysts on average estimated sales of $7.09 billion.

Net income fell 39% from a year earlier to $336 million, or $1.63 a share, from $546 million, or $2.50 a share.

Income adjusted for one-time items of $2.20 beat the consensus estimate of $2.16 a share.

Ferguson forecast net sales growth for the year in the low single digits.

“The year is progressing as expected and our associates again delivered solid results, leveraging our scale and core strengths to help our customers navigate their complex projects,” Kevin Murphy, CEO of Ferguson ( FERG ), said in a statement.

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