Ferguson announced its second quarter 2022 financial results.
Q2 highlights:
- Strong sales growth as core strengths drove market share gains in supportive end markets;
- Price inflation increased to high teens driven largely by finished goods; and
- Operating leverage led to particularly strong profit growth.
First half highlights:
-
Sales growth of 29.1% and robust operating leverage led to operating profit growth of 68.3% (adjusted
62.5%); - Completed six acquisitions, four within Q2, with annualized revenues of approximately $235 million; and
- Repurchased $417 million of the $1.0 billion share buy back program announced September 28, 2021.
Corporate highlights:
- Interim dividend increased by 15% to $0.84 per share;
- Increasing share buy back program by $1.0 billion to $2.0 billion. Through March 11, 2022 we have
completed $659 million leaving $1,341 million outstanding which we expect to complete over the next
12 months; and - Vote to enable a US primary listing approved on March 10, 2022, expected to take effect May 12, 2022.
Kevin Murphy, group chief executive stated: "Our associates delivered another excellent performance with continued market share gains and strong price realization while navigating industry supply chain pressures. We are pleased with earnings growth that significantly outpaced revenue growth to generate another quarter of strong operating leverage."
