FERG

By Ian Walker

Ferguson PLC on Tuesday reported a 6.3% rise in net income for the first quarter of fiscal 2023, beating market forecasts, and backed its full-year guidance.

The New York and London-listed supplier of plumbing and heating products made a net profit for the quarter ended Oct. 31 of $595 million compared with $560 million for the same period a year earlier and a forecast of $544.8 million, taken from FactSet and based on an estimate by RBC Capital Markets.

Adjusted earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics which strips out exceptional and other one-off items--was $912 million compared with $814 million. Adjusted Ebitda consensus was $866.9 million, taken from FactSet and based on three analysts' forecasts.

Net sales for the period were $7.93 billion compared with $6.80 billion and a consensus of $7.60 billion, taken from FactSet and based on five analysts' forecasts.

The company reiterated that it expects net sales growth in the low single digits for fiscal 2023. Adjusted operating margin for the year is forecast to be between 9.3% and 9.9% and was 10.9% for the first quarter.

"We remain well positioned with balanced exposure to both residential and non-residential end markets and an agile business model," Chief Executive Kevin Murphy said.

"Our financial guidance continues to reflect market outperformance, both organically and from acquisitions, and we remain confident in the fundamental strength of our end markets over the longer term."

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

December 06, 2022 07:16 ET (12:16 GMT)

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