Ferguson Enterprises Inc

FERG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 48,296.00	Gkrvpxz	Tszlmxkv

Ferguson Earnings: Resilient Margins Continue Amid Softer Sales Backdrop; 2025 Guidance Initiated

Brian Bernard

Sep 17, 2024

Ferguson’s fiscal fourth-quarter (ended July 31) financial performance was largely in line with our expectations. While reported revenue growth of 1.4% fell a bit shy of our projections, Ferguson’s profitability was better than we anticipated with adjusted operating margin expanding 40 basis points year over year to 10.8%.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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