Continued Execution with Full Year Guidance
Unchanged
Second quarter highlights
- Sales decline of 2.2%, largely driven by deflation of
approximately 2%.
- Operating margin of 7.1% (7.8% on an adjusted basis) in our
seasonally lightest quarter with fiscal year to date operating
margin of 8.5% (9.0% on an adjusted basis).
- Diluted earnings per share of $1.58 ($1.74 on an adjusted
basis).
- Operating cash flow of $863 million on a fiscal year to date
basis.
- Declared quarterly dividend of $0.79, reflecting a 5% increase
over the prior year.
- Completed two acquisitions during the quarter and one
subsequent to the quarter with aggregate annualized revenues of
approximately $220 million.
- Share repurchases of $142 million during the quarter.
- Balance sheet remains strong with net debt to adjusted EBITDA
of 1.1x.
Ferguson plc (NYSE:FERG) (LSE:FERG):
FY2024 Guidance (unchanged)
Total Company
2024 Guidance
Net sales*
Broadly flat
Adjusted operating margin**
9.2% - 9.8%
Interest expense
$190 - $210 million
Adjusted effective tax rate**
Approximately 25%
Capital expenditures
$400 - $450 million
* Net sales guidance assumes mid-single
digit market decline with continued Company market outperformance,
contribution from completed acquisitions and one additional sales
day. Overall impact of price inflation estimated to be broadly
neutral for the year.
** The Company does not reconcile
forward-looking non-GAAP measures. See “Non-GAAP Reconciliations
and Supplementary information.”
Kevin Murphy, Ferguson CEO, commented, “Our associates continued
to execute well during our seasonally lightest quarter. While sales
were slightly lower than the prior year, organic performance
improved from the first quarter. Current open orders and sales per
day trends support our expectation of improvement through the
balance of the fiscal year against easing comparables. We are
appropriately managing costs as we prepare for our seasonally
stronger second half. We delivered strong operating cash flow
during the first half of our fiscal year and our strong balance
sheet positions us for continued investment in organic growth,
sustainable dividend growth, consolidation of our fragmented
markets through acquisitions and the continued return of capital to
shareholders.
“Our FY2024 financial guidance is unchanged. We are well
positioned to leverage emerging multi-year structural tailwinds in
non-residential construction and opportunities to further support
the residential trade professional.”
Three months ended January
31,
US$ (In millions, except per share
amounts)
2024
2023
Change
Reported
Adjusted(1)
Reported
Adjusted(1)
Reported
Adjusted
Net sales
6,673
6,673
6,825
6,825
(2.2)%
(2.2)%
Gross margin
30.4%
30.4%
30.2%
30.2%
+20 bps
+20 bps
Operating profit
477
520
549
582
(13.1)%
(10.7)%
Operating margin
7.1%
7.8%
8.0%
8.5%
(90) bps
(70) bps
Earnings per share - diluted
1.58
1.74
1.80
1.91
(12.2)%
(8.9)%
Adjusted EBITDA
568
630
(9.8)%
Net debt(1) : Adjusted EBITDA
1.1x
1.1x
Six months ended January
31,
US$ (In millions, except per share
amounts)
2024
2023
Change
Reported
Adjusted(1)
Reported
Adjusted(1)
Reported
Adjusted
Net sales
14,381
14,381
14,756
14,756
(2.5)%
(2.5)%
Gross margin
30.3%
30.3%
30.4%
30.4%
(10) bps
(10) bps
Operating profit
1,216
1,293
1,380
1,446
(11.9)%
(10.6)%
Operating margin
8.5%
9.0%
9.4%
9.8%
(90) bps
(80) bps
Earnings per share - diluted
4.12
4.40
4.64
4.87
(11.2)%
(9.7)%
Adjusted EBITDA
1,387
1,542
(10.1)%
Net debt(1) : Adjusted EBITDA
1.1x
1.1x
(1) The Company uses certain non-GAAP
measures, which are not defined or specified under U.S. GAAP. See
the section titled “Non-GAAP Reconciliations and Supplementary
Information.”
Summary of financial results
Second quarter
Net sales of $6.7 billion were 2.2% below last year against a
strong prior year comparable. Organic revenue declined 3.7% driven
by a decline in residential sales with a smaller decline in
non-residential sales. These declines were partially offset by
acquisition contributions of 1.5%. As expected, weakness in certain
commodity related categories drove modest overall price deflation
of approximately 2% as we continued to lap strong inflation
comparables.
Gross margin of 30.4% was 20 basis points higher than last year
driven by strong pricing execution from our associates. Operating
expenses were appropriately managed with targeted cost control
actions and productivity initiatives balanced with investing in
core capabilities for future growth.
Reported operating profit was $477 million (7.1% operating
margin), 13.1% lower than last year. Adjusted operating profit of
$520 million (7.8% adjusted operating margin) was 10.7% lower than
last year.
Reported diluted earnings per share was $1.58 (Q2 2023: $1.80),
a decrease of 12.2%, and adjusted diluted earnings per share of
$1.74 decreased 8.9% due to lower adjusted operating profit,
partially offset by the impact of share repurchases.
USA - second quarter
Net sales in the US business declined 2.2%, with an organic
revenue decline of 3.7% partially offset by a 1.5% contribution
from acquisitions.
Residential end markets, which comprise just over half of US
revenue, remained subdued. New residential housing start and permit
activity improved slightly in the quarter, while repair,
maintenance and improvement (“RMI”) work remained soft. Overall,
residential revenue declined by approximately 4% in the second
quarter.
Non-residential end markets, representing just under half of US
revenue, showed comparative resilience with non-residential
revenues declining by approximately 1% in the second quarter.
Commercial and civil/infrastructure activity held flat in the
quarter with industrial more pressured against a strong prior year
comparable. We continued to see good levels of megaproject related
bid activity.
Adjusted operating profit of $525 million was 9.3% or $54
million behind last year.
We completed two acquisitions during the quarter, Grove Supply,
Inc., a 17 location plumbing and HVAC distributor serving customers
in Pennsylvania and New Jersey, and Harway Appliances, a premier
distributor of high-end kitchen appliances in Texas.
Canada - second quarter
Net sales compressed by 3.7%, with an organic revenue decline of
3.3% and a 0.4% adverse impact from foreign exchange rates. Markets
have remained challenging and saw similar trends to that of the
United States. Adjusted operating profit of $9 million declined by
$5 million compared to last year.
Subsequent to the quarter we acquired Yorkwest Plumbing Supply
Inc., a leading distributor of plumbing, municipal, hydronics,
institutional, HVAC and industrial products in the greater Toronto
area.
Segment overview
Three months ended January
31,
Six months ended January
31,
US$ (In millions)
2024
2023
Change
2024
2023
Change
Net sales:
USA
6,364
6,504
(2.2)%
13,693
14,036
(2.4)%
Canada
309
321
(3.7)%
688
720
(4.4)%
Total net sales
6,673
6,825
(2.2)%
14,381
14,756
(2.5)%
Adjusted operating profit:
USA
525
579
(9.3)%
1,291
1,424
(9.3)%
Canada
9
14
(35.7)%
32
47
(31.9)%
Central and other costs
(14)
(11)
(30)
(25)
Total adjusted operating profit
520
582
(10.7)%
1,293
1,446
(10.6)%
Financial position
Net debt to adjusted EBITDA at January 31, 2024 was 1.1x and
during the quarter we completed share repurchases of $142
million.
We declared a quarterly dividend of $0.79, reflecting a 5%
increase over the prior year. The dividend will be paid on May 7,
2024 to shareholders on the register as of March 15, 2024.
There have been no other significant changes to the financial
position of the Company.
Domiciling our ultimate parent company in the United
States
On January 18, 2024, the Company’s Board of Directors (the
“Board”) announced that it would be in the best interests of the
Company and its shareholders as a whole to proceed with
establishing a new corporate structure to domicile our ultimate
parent company in the United States. This step better aligns the
Company’s headquarters and governance with its operations and
leadership.
The Company expects the change to be effective on or about
August 1, 2024, subject to the satisfaction of the conditions to
the completion of the transaction, including shareholder
approval.
No action is needed by shareholders at this time.
Investor conference call and webcast
A call with Kevin Murphy, CEO and Bill Brundage, CFO will
commence at 8:30 a.m. ET (1:30 p.m. GMT) today. The call will be
recorded and available on our website after the event at
corporate.ferguson.com.
Dial in number
US:
+1 646 787 9445
UK:
+44 (0) 20 3936 2999
Ask for the Ferguson call quoting 422862. To access the call via
your laptop, tablet or mobile device please go to
corporate.ferguson.com. If you have technical difficulties, please
click the “Listen by Phone” button on the webcast player and dial
the number provided.
About us
Ferguson plc (NYSE: FERG; LSE: FERG) is a leading value-added
distributor in North America providing expertise, solutions and
products from infrastructure, plumbing and appliances to HVAC,
fire, fabrication and more. We exist to make our customers’ complex
projects simple, successful and sustainable. Ferguson is
headquartered in the U.K., with its operations and associates
solely focused on North America and managed from Newport News,
Virginia. For more information, please visit corporate.ferguson.com
or follow us on LinkedIn
linkedin.com/company/ferguson-enterprises.
Analyst resources
For further information on quarterly financial breakdowns, visit
corporate.ferguson.com on the Investors menu under Analyst
Consensus and Resources.
Provisional financial calendar
Q3 Results for period ending April 30,
2024
June 4, 2024 with call from 8:30 a.m.
ET
Timetable for the quarterly dividend
The timetable for payment of the quarterly dividend of $0.79 per
share is as follows:
Ex-dividend date:
March 14, 2024
Record date:
March 15, 2024
Payment date:
May 7, 2024
The quarterly dividend is declared in U.S. dollars and since
March 2021, the default currency for dividends is also U.S.
dollars. Those shareholders who have not elected to receive the
dividend in pounds sterling and who would like to make such an
election may do so online by going to Computershare's Investor
Center and returning the completed form to the address located in
the upper‐right corner of the form. The deadline to elect to
receive the quarterly dividend in pounds sterling, or to amend an
existing election, is 5:00 p.m. ET on April 8, 2024 and any
requests should be made in good time ahead of that date.
The form is available at www-us.computershare.com/Investor/#Home
and navigating to Company Info > FERG > GBP Dividend Election
and Mandate Form.
The completion of cross-border movements of shares between the
U.K. and the U.S. is contingent upon the receiving broker
identifying and acknowledging any such movements. Where a
cross-border movement of shares has been initiated but not
completed by the relevant dividend record date (being March 15,
2024 for this quarterly dividend), there is a risk that the
dividend in respect of such shares will not be received on the
dividend payment date. Accordingly, shareholders are advised not to
initiate any cross-border movements of shares during the period
from March 14, 2024 through March 18, 2024 inclusive.
Cautionary note on forward-looking statements
Certain information included in this announcement is
forward-looking, including within the meaning of the Private
Securities Litigation Reform Act of 1995, and involves risks,
assumptions and uncertainties that could cause actual results to
differ materially from those expressed or implied by
forward-looking statements. Forward-looking statements cover all
matters which are not historical facts and include, without
limitation, statements or guidance regarding or relating to our
future financial position, results of operations and growth,
projected interest in and ownership of our ordinary shares by
investors including as a result of inclusion in North American
market indices, plans and objectives for the future including our
capabilities and priorities, domiciling our ultimate parent company
in the United States, risks associated with changes in global and
regional economic, market and political conditions, ability to
manage supply chain challenges, ability to manage the impact of
product price fluctuations, our financial condition and liquidity,
legal or regulatory changes and other statements concerning the
success of our business and strategies. Forward-looking statements
can be identified by the use of forward-looking terminology,
including terms such as “believes,” “estimates,” “anticipates,”
“expects,” “forecasts,” “guidance,” “intends,” “continues,”
“plans,” “projects,” “goal,” “target,” “aim,” “may,” “will,”
“would,” “could” or “should” or, in each case, their negative or
other variations or comparable terminology and other similar
references to future periods. Forward-looking statements speak only
as of the date on which they are made. They are not assurances of
future performance and are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions. Therefore, you
should not place undue reliance on any of these forward-looking
statements. Although we believe that the forward-looking statements
contained in this announcement are based on reasonable assumptions,
you should be aware that many factors could cause actual results to
differ materially from those in such forward-looking statements,
including but not limited to: the transaction relating to
domiciling our ultimate parent company in the United States may be
delayed, cancelled, suspended or terminated; unexpected costs for
us and any unanticipated or other adverse consequences to us or our
shareholders relating to domiciling our ultimate parent company in
the United States; weakness in the economy, market trends,
uncertainty and other conditions in the markets in which we
operate, and other factors beyond our control, including disruption
in the financial markets and any macroeconomic or other
consequences of political unrest, disputes or war; failure to
rapidly identify or effectively respond to direct and/or end
customers’ wants, expectations or trends, including costs and
potential problems associated with new or upgraded information
technology systems or our ability to timely deploy new omni-channel
capabilities; decreased demand for our products as a result of
operating in highly competitive industries and the impact of
declines in the residential and non‐residential markets, as well as
the RMI and new construction markets; changes in competition,
including as a result of market consolidation or competitors
responding more quickly to emerging technologies (such as
generative artificial intelligence (“AI”)); failure of a key
information technology system or process as well as exposure to
fraud or theft resulting from payment‐related risks; privacy and
protection of sensitive data failures, including failures due to
data corruption, cybersecurity incidents or network security
breaches; ineffectiveness of or disruption in our domestic or
international supply chain or our fulfillment network, including
delays in inventory availability at our distribution facilities and
branches, increased delivery costs or lack of availability; failure
to effectively manage and protect our facilities and inventory or
to prevent personal injury to customers, suppliers or associates,
including as a result of workplace violence; unsuccessful execution
of our operational strategies; failure to attract, retain and
motivate key associates; exposure of associates, contractors,
customers, suppliers and other individuals to health and safety
risks; inherent risks associated with acquisitions, partnerships,
joint ventures and other business combinations, dispositions or
strategic transactions; regulatory, product liability and
reputational risks and the failure to achieve and maintain a high
level of product and service quality; inability to renew leases on
favorable terms or at all, as well as any remaining obligations
under a lease when we close a facility; changes in, interpretations
of, or compliance with tax laws in the United States, the United
Kingdom, Switzerland or Canada; our indebtedness and changes in our
credit ratings and outlook; fluctuations in product prices (e.g.,
commodity-priced materials, inflation/deflation) and foreign
currency; funding risks related to our defined benefit pension
plans; legal proceedings as well as failure to comply with domestic
and foreign laws, regulations and standards, as those laws,
regulations and standards or interpretations and enforcement
thereof may change, or the occurrence of unforeseen developments
such as litigation; our failure to comply with the obligations
associated with being a U.S. domestic issuer and the costs
associated therewith; the costs and risk exposure relating to
environmental, social and governance (“ESG”) matters, including
sustainability issues, regulatory or legal requirements, and
disparate stakeholder expectations; adverse impacts caused by a
public health crisis; and other risks and uncertainties set forth
under the heading “Risk Factors” in our Annual Report on Form 10-K
for the fiscal year ended July 31, 2023 as filed with the SEC on
September 26, 2023, and in other filings we make with the SEC in
the future.
Additionally, forward-looking statements regarding past trends
or activities should not be taken as a representation that such
trends or activities will continue in the future. Other than in
accordance with our legal or regulatory obligations, we undertake
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Ferguson plc Non-GAAP Reconciliations
and Supplementary Information (unaudited)
Non-GAAP items
This announcement contains certain financial information that is
not presented in conformity with U.S. GAAP. These non-GAAP
financial measures include adjusted operating profit, adjusted
operating margin, adjusted net income, adjusted earnings per share
- diluted, adjusted EBITDA, adjusted effective tax rate, net debt
and net debt to adjusted EBITDA ratio. The Company believes that
these non-GAAP financial measures provide users of the Company’s
financial information with additional meaningful information to
assist in understanding financial results and assessing the
Company’s performance from period to period. Management believes
these measures are important indicators of operations because they
exclude items that may not be indicative of our core operating
results and provide a better baseline for analyzing trends in our
underlying businesses, and they are consistent with how business
performance is planned, reported and assessed internally by
management and the Board. Such non-GAAP adjustments include
amortization of acquired intangible assets, discrete tax items, and
any other items that are non-recurring. Non-recurring items may
include various restructuring charges, gains or losses on the
disposals of businesses which by their nature do not reflect
primary operations, as well as certain other items deemed
non-recurring in nature and/or that are not a result of the
Company’s primary operations. Because non-GAAP financial measures
are not standardized, it may not be possible to compare these
financial measures with other companies' non-GAAP financial
measures having the same or similar names. These non-GAAP financial
measures should not be considered in isolation or as a substitute
for results reported under U.S. GAAP. These non-GAAP financial
measures reflect an additional way of viewing aspects of operations
that, when viewed with U.S. GAAP results, provide a more complete
understanding of the business. The Company strongly encourages
investors and shareholders to review the Company’s financial
statements and publicly filed reports in their entirety and not to
rely on any single financial measure.
The Company does not provide a reconciliation of forward-looking
non-GAAP financial measures to the most directly comparable U.S.
GAAP financial measures on a forward-looking basis because it is
unable to predict with reasonable certainty or without unreasonable
effort non-recurring items, such as those described above, that may
arise in the future. The variability of these items is
unpredictable and may have a significant impact.
Summary of Organic Revenue
Management evaluates organic revenue as it provides a consistent
measure of the change in revenue year-on-year. Organic revenue
growth (or decline) is determined as the growth (or decline) in
total reported revenue excluding the growth (or decline)
attributable to currency exchange rate fluctuations, sales days,
acquisitions and disposals, divided by the preceding financial
year’s revenue at the current year’s exchange rates.
A summary of the Company’s historical revenue and organic
revenue growth is below:
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Revenue
Organic Revenue
Revenue
Organic Revenue
Revenue
Organic Revenue
Revenue
Organic Revenue
Revenue
Organic Revenue
USA
(2.2)%
(3.7)%
(2.7)%
(5.0)%
(1.5)%
(5.5)%
(1.6)%
(2.5)%
5.4%
2.6%
Canada
(3.7)%
(3.3)%
(5.0)%
(3.3)%
(5.1)%
(2.7)%
(9.5)%
(1.5)%
(4.5)%
3.0%
Continuing operations
(2.2)%
(3.7)%
(2.8)%
(4.9)%
(1.7)%
(5.3)%
(2.0)%
(2.5)%
4.9%
2.7%
For further details regarding organic revenue growth, visit
corporate.ferguson.com on the Investors menu under Analyst
Consensus and Resources.
Reconciliation of Net Income to Adjusted
Operating Profit and Adjusted EBITDA
Three months ended
Six months ended
January 31,
January 31,
(In millions)
2024
2023
2024
2023
Net income
$322
$374
$841
$969
Provision for income taxes
111
121
283
318
Interest expense, net
44
47
89
88
Other expense (income), net
—
7
3
5
Operating profit
477
549
1,216
1,380
Corporate restructurings(1)
8
—
8
—
Amortization of acquired intangibles
35
33
69
66
Adjusted Operating Profit
520
582
1,293
1,446
Depreciation & impairment of
PP&E
41
36
80
73
Amortization of non-acquired
intangibles
7
12
14
23
Adjusted EBITDA
$568
$630
$1,387
$1,542
(1) For the three and six months
ended January 31, 2024, corporate restructuring costs related to
incremental costs in connection with establishing a new corporate
structure to domicile our ultimate parent company in the United
States.
Net Debt : Adjusted EBITDA
Reconciliation
To assess the appropriateness of its capital structure, the
Company’s principal measure of financial leverage is net debt to
adjusted EBITDA. The Company aims to operate with investment grade
credit metrics and keep this ratio within one to two times.
Net debt
Net debt comprises bank overdrafts, bank and other loans and
derivative financial instruments, excluding lease liabilities, less
cash and cash equivalents. Long-term debt is presented net of debt
issuance costs.
As of January 31,
(In millions)
2024
2023
Long-term debt
$3,595
$3,936
Short-term debt
150
55
Bank overdrafts(1)
23
36
Derivative liabilities
11
17
Cash and cash equivalents
(639)
(597)
Net debt
$3,140
$3,447
(1) Bank overdrafts are included in other
current liabilities in the Company’s Consolidated Balance
Sheet.
Adjusted EBITDA (Rolling 12-month)
Adjusted EBITDA is net income before charges/credits relating to
depreciation, amortization, impairment and certain non-GAAP
adjustments. A rolling 12-month adjusted EBITDA is used in the net
debt to adjusted EBITDA ratio to assess the appropriateness of the
Company’s financial leverage.
Twelve months ended
(In millions, except ratios)
January 31,
2024
2023
Net income
$1,761
$2,095
Loss from discontinued operations (net of
tax)
—
2
Provision for income taxes
540
655
Interest expense, net
185
150
Other expense (income), net
9
4
Corporate restructurings(1)
8
10
Impairments and other charges(2)
125
—
Depreciation and amortization
322
317
Adjusted EBITDA
$2,950
$3,233
Net Debt: Adjusted EBITDA
1.1x
1.1x
(1) For the rolling twelve months ended
January 31, 2024, corporate restructuring costs related to
incremental costs in connection with establishing a new corporate
structure to domicile our ultimate parent company in the United
States. For the rolling twelve months ended January 31, 2023,
corporate restructuring costs primarily related to incremental
costs in connection with the Company’s listing in the United
States.
(2) For the rolling twelve months ended
January 31, 2024, impairments and other charges related to $107
million in software impairment charges in the United States, as
well as $18 million in charges associated with the closure of
certain smaller, underperforming branches in the United States.
Such amounts were mainly recorded in the third quarter of fiscal
year 2023.
Reconciliation of Net Income to Adjusted Net
Income and Adjusted EPS - Diluted
Three months ended
January 31,
(In millions, except per share
amounts)
2024
2023
per share(1)
per share(1)
Net income
$322
$1.58
$374
$1.80
Corporate restructurings(2)
8
0.04
—
—
Amortization of acquired intangibles
35
0.17
33
0.16
Discrete tax adjustments(3)
(2)
(0.01)
(3)
(0.01)
Tax impact-non-GAAP adjustments(4)
(8)
(0.04)
(8)
(0.04)
Adjusted net income
$355
$1.74
$396
$1.91
Diluted weighted-average shares
outstanding
203.9
207.8
Six months ended
January 31,
(In millions, except per share
amounts)
2024
2023
per share(1)
per share(1)
Net income
$841
$4.12
$969
$4.64
Corporate restructurings(2)
8
0.04
—
—
Amortization of acquired intangibles
69
0.34
66
0.32
Discrete tax adjustments(3)
(2)
(0.01)
(3)
(0.01)
Tax impact-non-GAAP adjustments(4)
(18)
(0.09)
(16)
(0.08)
Adjusted net income
$898
$4.40
$1,016
$4.87
Diluted weighted-average shares
204.2
208.8
(1) Per share on a dilutive basis.
(2) For the three and six months ended January 31, 2024,
corporate restructuring costs related to incremental costs in
connection with establishing a new corporate structure to domicile
our ultimate parent company in the United States.
(3) For the three and six months ended January 31, 2024,
discrete tax adjustments mainly related to the tax treatment of
certain compensation items that were not individually significant.
For the three and six months ended January 31, 2023, discrete tax
items primarily related to adjustments in connection with amended
returns.
(4) For the three and six months ended January 31, 2024 and
2023, the tax impact on non-GAAP adjustments primarily related to
the amortization of acquired intangibles.
Ferguson plc
Condensed Consolidated
Statements of Earnings
(unaudited)
Three months ended
Six months ended
January 31,
January 31,
(In millions, except per share
amounts)
2024
2023
2024
2023
Net sales
$6,673
$6,825
$14,381
$14,756
Cost of sales
(4,644)
(4,763)
(10,021)
(10,273)
Gross profit
2,029
2,062
4,360
4,483
Selling, general and administrative
expenses
(1,469)
(1,432)
(2,981)
(2,941)
Depreciation and amortization
(83)
(81)
(163)
(162)
Operating profit
477
549
1,216
1,380
Interest expense, net
(44)
(47)
(89)
(88)
Other expense, net
—
(7)
(3)
(5)
Income before income taxes
433
495
1,124
1,287
Provision for income taxes
(111)
(121)
(283)
(318)
Net income
$322
$374
$841
$969
Earnings per share - Basic
$1.58
$1.81
$4.13
$4.66
Earnings per share - Diluted
$1.58
$1.80
$4.12
$4.64
Weighted average number of shares
outstanding:
Basic
203.4
207.1
203.6
207.9
Diluted
203.9
207.8
204.2
208.8
Ferguson plc
Condensed Consolidated Balance
Sheets
(unaudited)
As of
(In millions)
January 31, 2024
July 31, 2023
Assets
Cash and cash equivalents
$639
$601
Accounts receivable, net
3,092
3,597
Inventories
3,968
3,898
Prepaid and other current assets
891
953
Assets held for sale
26
28
Total current assets
8,616
9,077
Property, plant and equipment, net
1,675
1,595
Operating lease right-of-use assets
1,523
1,474
Deferred income taxes, net
300
300
Goodwill
2,264
2,241
Other non-current assets
1,309
1,307
Total assets
$15,687
$15,994
Liabilities and shareholders’
equity
Accounts payable
$2,985
$3,408
Other current liabilities
1,803
2,021
Total current liabilities
4,788
5,429
Long-term debt
3,595
3,711
Long-term portion of operating lease
liabilities
1,165
1,126
Other long-term liabilities
721
691
Total liabilities
10,269
10,957
Total shareholders' equity
5,418
5,037
Total liabilities and shareholders'
equity
$15,687
$15,994
Ferguson plc
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(In millions)
Six months ended
January 31,
2024
2023
Cash flows from operating
activities:
Net income
$841
$969
Depreciation and amortization
163
162
Share-based compensation
24
27
(Increase) decrease in inventories
(52)
237
Decrease in receivables and other
assets
565
512
Decrease in accounts payable and other
liabilities
(626)
(634)
Other operating activities
(52)
(98)
Net cash provided by operating activities
of continuing operations
863
1,175
Net cash used in operating activities of
discontinued operations
—
(4)
Net cash provided by operating
activities
863
1,171
Cash flows from investing
activities:
Purchase of businesses acquired, net of
cash acquired
(67)
(179)
Capital expenditures
(192)
(242)
Other investing activities
28
(4)
Net cash used in investing
activities
(231)
(425)
Cash flows from financing
activities:
Purchase of treasury shares
(250)
(564)
Net change in debt and bank overdrafts
(24)
74
Cash dividends
(305)
(403)
Other financing activities
(18)
(13)
Net cash used in financing
activities
(597)
(906)
Change in cash, cash equivalents and
restricted cash
35
(160)
Effects of exchange rate changes
—
19
Cash, cash equivalents and restricted
cash, beginning of period
669
785
Cash, cash equivalents and restricted
cash, end of period
$704
$644
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Ferguson (NYSE:FERG)
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De May 2024 a Jun 2024
Ferguson (NYSE:FERG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024