Ferguson Share Price (FERG)

....it drops,??

Here we go again with 'WHAT JUST HAPPENED' ?.....over the last week?

On Tuesday, Ferguson plc (NYSE:FERG) reported better-than-expected third quarter results and raised its full-year outlook, citing strong volume growth and margin expansion.

The plumbing and heating products distributor’s shares jumped 6.15% in pre-market trading following the release.

The company posted adjusted earnings per share of $2.50 for the quarter ended April 30, beating analyst estimates of $2.61. Revenue grew 4.3% YoY to $7.6 billion, slightly below the consensus forecast of $7.79 billion.

Ferguson said its U.S. business, which accounts for the bulk of sales, saw organic revenue growth of 5% in Q3. The company benefited from strong non-residential construction activity, with revenue in that segment rising approximately 7%.

"Our associates continued to take care of our customers, outperform the market and drive solid growth in the third quarter," said CEO Kevin Murphy. "The combination of strong volume growth, gross margin actions, moderating deflation and the early benefits of streamlining our business drove adjusted operating profit growth and adjusted operating margin expansion."

Based on the strong Q3 performance, Ferguson raised its full-year guidance. It now expects low to mid-single digit revenue growth, up from its previous forecast of low single digit growth. The company also lifted its adjusted operating margin outlook to a range of 8.5% to 9.0%, from 8.3% to 8.8% previously

Ferguson shares surge 6% as Q3 results top estimates, guidance raised

Time to find out......