The company said net sales for fiscal 2024 fell 0.3% to $29.6 billion, driven mainly by price deflation of about 2% within certain commodity categories and, to a lesser extent, lower sales volume. Incremental sales from acquisitions of 1.8% and the benefit of one additional sales day of 0.4% partly offset the decline.

1. 01

   The company said net sales for fiscal 2024 fell 0.3% to $29.6 billion, driven mainly by price deflation of about 2% within certain commodity categories and, to a lesser extent, lower sales volume. Incremental sales from acquisitions of 1.8% and the benefit of one additional sales day of 0.4% partly offset the decline.

2. 02

   Ferguson said diluted earnings per share for fiscal 2024 were $8.53 (adjusted $9.69), down 6.5% from the prior year. The company cited lower net income and a one-time, non-cash deferred tax charge of $137 million related to the Merger as factors. Adjusted diluted earnings per share fell 1.5%.

3. 03

   The company said net cash provided by operating activities for fiscal 2024 decreased to $1.9 billion from $2.7 billion a year earlier. It cited lower net income after adjusting for non-cash items and higher working capital as inventory levels stabilized in line with the change in customer demand.

4. 04

   For fiscal 2024, the company said it paid dividends of $784 million, repurchased shares for $634 million, made capital expenditures of $372 million and invested $260 million in acquisitions. As of July 31, 2024, total debt was $3.9 billion, and it had $2.2 billion of available liquidity from undrawn debt facilities.

Key figures

Fiscal year ended July 31, 2024

Revenue

$29.6B

Operating income

$2.7B

Net income

$1.7B

EPS

$8.53

Gross profit

$9.1B

Operating cash flow

$1.9B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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