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FX.co ★ Ferguson Stock Turns Red On Decline In Q1 Profit

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typeContent_19130:::2024-12-10T16:13:00

Ferguson Stock Turns Red On Decline In Q1 Profit

Shares of Ferguson Enterprises Inc. (FERG) are experiencing a decrease of approximately 8% this Tuesday morning, following a drop in first-quarter net income to $470 million, or $2.34 per share, from $519 million, or $2.54 per share, in the same period last year. This decrease can be attributed primarily to increased selling, general, and administrative expenses.

Currently, Ferguson's stock has dipped 8.61% to $198.98, down from the previous closing price of $217.74 on the New York Stock Exchange.

On an adjusted basis, net income was reported at $494 million, or $2.45 per share, compared to $543 million, or $2.65 per share, the year before. Despite the decline in earnings, revenue saw a slight increase, reaching $7.77 billion compared to $7.71 billion in the prior year.

Looking ahead, Ferguson anticipates net sales to grow in the low single digits for the fiscal year 2025.

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