Ferguson Enterprises Inc. (FERG) revealed a profit for third quarter that decreased from last year but beat the Street estimates.
The company's bottom line came in at $410 million, or $2.07 per share. This compares with $443 million, or $2.18 per share, last year.
Excluding items, Ferguson Enterprises Inc. reported adjusted earnings of $496 million or $2.50 per share for the period.
Analysts on average had expected the company to earn $2.02 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 4.3% to $7.621 billion from $7.308 billion last year.
Ferguson Enterprises Inc. earnings at a glance (GAAP) :
-Earnings: $410 Mln. vs. $443 Mln. last year.-EPS: $2.07 vs. $2.18 last year.-Revenue: $7.621 Bln vs. $7.308 Bln last year.
The company has declared a quarterly dividend of $0.83 per share, representing a 5% year-on-year growth. The dividend will be paid on August 6 to stockholders of record as of June 20.
Looking ahead, the company has revised up its annual outlook.
Kevin Murphy, CEO of Ferguson, said: “While we are in a dynamic and uncertain environment, given the strong performance in the quarter we are updating our full year guidance.”
Ferguson now anticipates an annual adjusted operating margin of 8.5 to 9%, compared with the prior outlook of 8.3 to 8.8%. The company now projects low to mid-single digit sales growth against the prior guidance of low single digit sales growth.
The company now expects annual capital expenditure of $300 million to $350 million, compared with the earlier outlook of $325 million to $375 million.
FERG was up by 8.23% at $195.20 in the pre-market trade on the New York Stock Exchange.
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