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)
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