tax impact on non-GAAP adjustments primarily related to the 
amortization of acquired intangibles. 
 
 
                       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 
 
 
                         Ferguson Enterprises Inc. 
                   Condensed Consolidated Balance Sheets 
                                (unaudited) 
 
                                                        As of 
                                         ----------------------------------- 
(In millions)                             October 31, 2024    July 31, 2024 
                                         ------------------  --------------- 
Assets 
   Cash and cash equivalents               $            601   $          571 
   Accounts receivable, net                           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 non-current assets                           1,294            1,307 
                                         ---  -------------      ----------- 
      Total assets                         $         16,858   $       16,572 
                                         ===  =============      =========== 
 
Liabilities and stockholders' equity 
   Accounts payable                        $          3,430   $        3,410 
   Other current liabilities                          2,309            1,806 
                                         ---  -------------      ----------- 
      Total current liabilities                       5,739            5,216 
   Long-term debt                                     3,447            3,774 
   Long-term portion of operating lease 
    liabilities                                       1,235            1,198 
   Other long-term liabilities                          782              768 
                                         ---  -------------      ----------- 
      Total liabilities                              11,203           10,956 
                                         ---  -------------      ----------- 
      Total stockholders' equity                      5,655            5,616 
                                         ---  -------------      ----------- 
      Total liabilities and 
       stockholders' equity                $         16,858   $       16,572 
                                         ===  =============      =========== 
 
 
                       Ferguson Enterprises Inc. 
            Condensed Consolidated Statements of Cash Flows 
                              (unaudited) 
 
                                                   Three months ended 
                                                      October 31, 
                                                ------------------------ 
(In millions)                                        2024       2023 
                                                    -------    ------ 
Cash flows from operating activities: 
   Net income                                    $      470   $   519 
   Depreciation and amortization                         90        80 
   Share-based compensation                              11        13 
   Changes in inventories                              (203)     (217) 
   Changes in receivables and other assets               (4)      (29) 
   Changes in accounts payable and other 
    liabilities                                        (169)       27 
   Other operating activities                           150       164 
                                                    -------    ------ 
   Net cash provided by operating activities            345       557 
Cash flows from investing activities: 
   Purchase of businesses acquired, net of 
    cash acquired                                       (22)      (12) 
   Capital expenditures                                 (77)      (91) 
   Other investing activities                            --         7 
                                                    -------    ------ 
   Net cash used in investing activities                (99)      (96) 
Cash flows from financing activities: 
   Purchase of treasury shares                         (256)     (108) 
   Net change in debt and bank overdrafts                75       (39) 
   Cash dividends                                        --      (152) 
   Other financing activities                           (33)      (14) 
                                                    -------    ------ 
   Net cash used in financing activities               (214)     (313) 
                                                    -------    ------ 
Change in cash, cash equivalents and 
 restricted cash                                         32       148 
Effects of exchange rate changes                         (3)       (9) 
Cash, cash equivalents and restricted cash, 
 beginning of period                                    625       669 
                                                    -------    ------ 
Cash, cash equivalents and restricted cash, 
 end of period                                   $      654   $   808 
                                                    =======    ====== 
 

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(END) Dow Jones Newswires

December 10, 2024 06:45 ET (11:45 GMT)