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Ferguson Enterprises Inc. (FERG+0.70%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports net sales of $7.772 billion for the quarter, a slight increase from $7.708 billion in the same period the previous year. The increase is attributed to higher sales volume and acquisitions, partially offset by price deflation in some commodity categories.
Operating profit for the quarter was $665 million, down from $739 million in the previous year. This decrease was primarily due to higher operating costs driven by sales volume growth and inflation.
Net income for the quarter was $470 million, compared to $519 million in the previous year. Earnings per share - diluted were $2.34, down from $2.54.
Cash provided by operating activities was $345 million, a decrease from $557 million in the previous year, mainly due to changes in working capital.
The United States segment reported net sales of $7.369 billion, an increase of 0.5% from the previous year, driven by higher sales volume and acquisitions. Adjusted operating profit for this segment decreased to $697 million from $766 million.
The Canada segment reported net sales of $403 million, a 6.3% increase from the previous year. Adjusted operating profit remained unchanged at $23 million.
The report includes details on the company's debt obligations, including the issuance of $750 million in unsecured senior notes due October 2034.
Ferguson Enterprises Inc. maintains a revolving credit facility with $1.35 billion in available credit and a receivables securitization facility with an aggregate total available amount of $1.1 billion.
The company repurchased 1,310,163 shares during the quarter, with a total authorized share repurchase program of $4.0 billion, of which $3.4 billion has been completed.
The filing also discusses the company's liquidity and capital resources, stating that current cash position and anticipated cash flow from operations should be sufficient to meet operating cash requirements for the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ferguson Enterprises Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.