FERG - Ferguson reports Q4 results

• Ferguson press release ( NYSE: FERG ): Q4 sales growth of 21.4%, with core strengths driving market share gains.
• Operating profit growth of 23.1% (21.5% on an adjusted basis) driven by strong sales and operating cost leverage.
• Delivered operating margin of 10.2% (10.7% on an adjusted basis).
• Balance sheet remains strong with net debt to adjusted EBITDA of 1.0x, at the bottom of our 1-2x target range.
• FY2023 Guidance: Net sales growth of low single digits driven by market outperformance and completed acquisitions; adjusted operating margin of 9.3% to 9.9%; adjusted effective tax rate of approximately 25% and capital expenditures of $350 - $400 million.

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