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.
