Ferguson Enterprises Q1 2024 Results Filed

TL;DR

**Ferguson Enterprises Q1 2024 10-Q filed. Fiscal year ends July 31.**

AI Summary

Ferguson Enterprises Inc. reported its first quarter results for the period ending October 31, 2024. The company's fiscal year ends on July 31st. The filing covers the period from August 1, 2024, to October 31, 2024, and was filed on December 10, 2024.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and operational details of Ferguson Enterprises Inc. for the first quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate or significant new risks.

Key Numbers

• Q1 2024 — Reporting Period (First quarter of fiscal year 2024)
• 2024-10-31 — Period End Date (The end date for the financial reporting period)
• 2024-12-10 — Filing Date (The date the report was submitted to the SEC)

Key Players & Entities

• Ferguson Enterprises Inc. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of the reporting period
• 2024-12-10 (date) — Filing date
• 2024-08-01 (date) — Start of the reporting period
• 2023-08-01 (date) — Start of the prior year's comparative period
• 2023-10-31 (date) — End of the prior year's comparative period

FAQ

Key Financial Figures

• $0.0001 — ch Registered: Common Stock, par value $0.0001 per share FERG The New York Stock Excha

Filing Documents

• ferg-20241031.htm (10-Q) — 736KB
• exhibit311-q1fy25.htm (EX-31.1) — 10KB
• exhibit312-q1fy25.htm (EX-31.2) — 10KB
• exhibit321-q1fy25.htm (EX-32.1) — 5KB
• exhibit322-q1fy25.htm (EX-32.2) — 5KB
• ferg-20241031_g1.jpg (GRAPHIC) — 115KB
• 0002011641-24-000011.txt ( ) — 4700KB
• ferg-20241031.xsd (EX-101.SCH) — 33KB
• ferg-20241031_cal.xml (EX-101.CAL) — 57KB
• ferg-20241031_def.xml (EX-101.DEF) — 161KB
• ferg-20241031_lab.xml (EX-101.LAB) — 356KB
• ferg-20241031_pre.xml (EX-101.PRE) — 273KB
• ferg-20241031_htm.xml (XML) — 525KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Earnings 3 C ondensed C onsolidated Statements of Comprehensive Income 4 C ondensed C onsolidated Balance Sheets 5 C ondensed C onsolidated Statements of S tock holders' Equity 6 C ondensed C onsolidated Statements of Cash Flows 7 Notes to the Condensed Consolidated Financial Statements 8 Note 1: Summary of significant accounting policies 8 Note 2: Revenue and segment information 10 Note 3: Weighted average shares 11 Note 4: Income tax 11 Note 5: Debt 12 Note 6: Assets and liabilities at fair value 13 Note 7: Commitments and contingencies 14 Note 8: Accumulated other comprehensive loss 14 Note 9: Retirement benefit obligations 14 Note 10: S tock holders' equity 15 Note 11: Share-based compensation 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Exhibits

Item 6. Exhibits 27

SIGNATURES

SIGNATURES 29 CERTAIN TERMS Unless otherwise specified or the context otherwise requires, the terms "Company," "Ferguson," "we," "us," and "our" and other similar terms used in this Quarterly Report on Form 10-Q (this "Quarterly Report") refer to Ferguson Enterprises Inc. and its consolidated subsidiaries. Except as otherwise specified or the context otherwise requires, references to years indicate our fiscal year ended July 31 of the respective year. For example, references to "fiscal 2025" or similar references refer to the fiscal year ended July 31, 2025. References to the "Merger" refer to the merger transaction that resulted in (i) Ferguson plc becoming a direct, wholly owned subsidiary of Ferguson Enterprises Inc., (ii) the shareholders of Ferguson plc at the designated record time for the Merger no longer holding ordinary shares of Ferguson plc but instead holding shares of common stock of Ferguson Enterprises Inc., and (iii) Ferguson Enterprises Inc. becoming the successor issuer to Ferguson plc, which was renamed "Ferguson (Jersey) Limited" and converted into a private company. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information included in this Quarterly Report 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, plans and objectives for the future including our capabilities and priorities, 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 financ

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Ferguson Enterprises Inc. Condensed Consolidated Statements of Earnings (unaudited) Three months ended October 31, (In millions, except per share amounts) 2024 2023 Net sales $ 7,772 $ 7,708 Cost of sales ( 5,432 ) ( 5,377 ) Gross profit 2,340 2,331 Selling, general and administrative expenses ( 1,585 ) ( 1,512 ) Depreciation and amortization ( 90 ) ( 80 ) Operating profit 665 739 Interest expense, net ( 46 ) ( 45 ) Other income (expense), net 5 ( 3 ) Income before income taxes 624 691 Provision for income taxes ( 154 ) ( 172 ) Net income $ 470 $ 519 Earnings per share - Basic $ 2.34 $ 2.55 Earnings per share - Diluted $ 2.34 $ 2.54 Weighted average number of shares outstanding: Basic 200.8 203.8 Diluted 201.3 204.6 See accompanying Notes to the Condensed Consolidated Financial Statements. 3 Ferguson Enterprises Inc. Condensed Consolidated Statements of Comprehensive Income (unaudited) Three months ended October 31, (In millions) 2024 2023 Net income $ 470 $ 519 Other comprehensive income (loss): Foreign currency translation adjustments ( 7 ) ( 35 ) Pension adjustments, net of tax impacts of ($ 2 ) and $ 0 , respectively. 5 1 Total other comprehensive loss, net of tax ( 2 ) ( 34 ) Comprehensive income $ 468 $ 485 See accompanying Notes to the Condensed Consolidated Financial Statements. 4 Ferguson Enterprises Inc. Condensed Consolidated Balance Sheets (unaudited) As of (In millions, except share amounts) October 31, 2024 July 31, 2024 Assets Cash and cash equivalents $ 601 $ 571 Accounts receivable, less allowances of $ 28 and $ 21 , respectively 3,642 3,602 Inventories 4,393 4,188 Prepaid and other current assets 963 1,020 Assets held for sale 26 29 Total current assets 9,625 9,410 Property, plant and equipment, net 1,780 1,752 Operating lease right-of-use assets 1,610 1,565 Deferred income taxes, net 186 181 Goodwill 2,363 2,357 Other intangible assets, net 720 753

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View this 10-Q filing on SEC EDGAR