Analyst Consensus ?
ConsensusBuy17 ratings
Bullish1376.5%
Neutral423.5%
Bearish00.0%
Ferguson plc · FERG · FY2024 Q2 · Calendar Q1 2024
Ferguson holds FY2024 guidance as deflation pressures revenue
Ferguson's latest call supports a measured resilience thesis rather than a clean growth reacceleration: non-residential projects, HVAC, improving orders, and acquisitions provide support, while deflation and residential softness constrain reported growth.
Reported Before market openNYSEIndustrials
$43.89B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.74
Consensus $1.84
EPS surprise
-5.4%
Reported versus consensus
Reported revenue
$6.67B
Consensus $6.72B
Revenue surprise
-0.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.2%
Event window
SPY move
+0.5%
Same window
Abnormal move
-0.3%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+9.8%
Up to 20 sessions
FERGSPY benchmark
Ask FN2 about FERG FY2024 Q2
Transcript, numbers and history already loaded
Why did FERG rise 0.2% after missing EPS estimates in FY2024 Q2?What changed in FERG's guidance and outlook in FY2024 Q2?Give me the bull and bear case for FERG after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior analysis, the current call added evidence of a 2.2% revenue decline with gross margin near 30.4%, stronger cash generation, a larger $400-$450 million capex plan, and broader acquisition and distribution-center activity. Guidance remained unchanged.
Guidance delta
Management maintained FY2024 guidance: flat revenue, adjusted operating margin of 9.2%-9.8%, and $400-$450 million of capital spending.
Key takeaways
- Second-quarter revenue declined 2.2% amid commodity deflation, while gross margin held near 30.4%.
- Management cited improving open orders, data centers, infrastructure, onshoring, residential construction, and HVAC as growth drivers.
- Strong cash generation supported a dividend increase, share repurchases, distribution-center investment, and acquisitions.
- The near-term setup balances resilient non-residential demand against residential softness and commodity volatility.
Management priorities
- Invest $400-$450 million in distribution centers and technology.
- Expand the modern distribution-center footprint, including planned Toronto and Nashville sites.
- Continue bolt-on acquisitions while supporting dividends and share repurchases.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$226.86Previous close
$140Low
$263.87Average
$325High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Oct 7, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 11, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 11, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Aug 11, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Aug 11, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 11, 2026 |
| Baird | Outperform | Outperform | Maintain | Aug 11, 2026 |
| Zelman & Assoc | Outperform | Neutral | Upgrade | Jul 17, 2026 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jul 7, 2026 |
| Truist Securities | Buy | Buy | Maintain | Feb 26, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Dec 11, 2025 |
| Jefferies | Buy | Buy | Maintain | Dec 2, 2025 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 15, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jun 9, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Mar 12, 2025 |
| B of A Securities | Buy | Underperform | Upgrade | Jan 8, 2025 |
| Berenberg | Buy | Buy | Maintain | Dec 11, 2024 |
Named analyst price targets
Upside is calculated against the persisted previous close $226.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Analyst unavailable | $286 | $217.49 | +26.1% | Oct 7, 2026 |
| Melius Research | Analyst unavailable | $252 | $222.93 | +11.1% | Oct 6, 2026 |
| Jefferies | Analyst unavailable | $295 | $223.23 | +30.0% | Sep 3, 2026 |
| Deutsche Bank | Analyst unavailable | $261 | $242.62 | +15.0% | Aug 18, 2026 |
| RBC Capital | Analyst unavailable | $290 | $253.76 | +27.8% | Aug 11, 2026 |
| UBS | Analyst unavailable | $256 | $259.61 | +12.8% | Aug 11, 2026 |
| Oppenheimer | Analyst unavailable | $288 | $263.78 | +27.0% | Aug 11, 2026 |
| Bernstein | Connor Cerniglia | $325 | $253.78 | +43.3% | Aug 11, 2026 |
| Robert W. Baird | Analyst unavailable | $288 | $263.78 | +27.0% | Aug 11, 2026 |
| Barclays | Matthew Bouley | $313 | $263.78 | +38.0% | Aug 11, 2026 |
| Goldman Sachs | Suhasini Varanasi | $265 | $228.92 | +16.8% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $297 | $246.53 | +30.9% | May 8, 2026 |
| RBC Capital | Analyst unavailable | $281 | $255.36 | +23.9% | May 6, 2026 |
| Truist Financial | Analyst unavailable | $300 | $258.03 | +32.2% | Feb 25, 2026 |
| Jefferies | Philip Ng | $300 | $261.85 | +32.2% | Feb 24, 2026 |
| RBC Capital | Mike Dahl | $271 | $261.79 | +19.5% | Feb 24, 2026 |
| Barclays | Matthew Bouley | $278 | $246.1 | +22.5% | Jan 15, 2026 |
| RBC Capital | Mike Dahl | $247 | $229.42 | +8.9% | Jan 9, 2026 |
| Deutsche Bank | Analyst unavailable | $246 | $229.8 | +8.4% | Dec 11, 2025 |
| RBC Capital | Mike Dahl | $243 | $230.11 | +7.1% | Dec 10, 2025 |
| UBS | John Lovallo | $220 | $226.02 | -3.0% | Dec 10, 2025 |
| Robert W. Baird | David Manthey | $265 | $226.02 | +16.8% | Dec 10, 2025 |
| Bernstein | Connor Cerniglia | $288 | $226.02 | +27.0% | Dec 10, 2025 |
| Barclays | Matthew Bouley | $267 | $226.02 | +17.7% | Dec 10, 2025 |
| Jefferies | Analyst unavailable | $289 | $251.54 | +27.4% | Dec 2, 2025 |
| Vertical Research | Adam Baumgarten | $291.99 | $236.94 | +28.7% | Oct 20, 2025 |
| Barclays | Matthew Bouley | $273 | $226.74 | +20.3% | Sep 18, 2025 |
| Robert W. Baird | David Manthey | $262 | $224.48 | +15.5% | Sep 17, 2025 |
| Wells Fargo | Sam Reid | $275 | $231.54 | +21.2% | Sep 16, 2025 |
| UBS | Analyst unavailable | $225 | $231.54 | -0.8% | Sep 16, 2025 |
| Oppenheimer | Analyst unavailable | $189 | $155.81 | -16.7% | Mar 12, 2025 |
| RBC Capital | Analyst unavailable | $189 | $155.81 | -16.7% | Mar 12, 2025 |
| Robert W. Baird | David Manthey | $190 | $156.98 | -16.2% | Mar 12, 2025 |
| Barclays | Analyst unavailable | $190 | $155.81 | -16.2% | Mar 12, 2025 |
| Berenberg Bank | Harry Goad | $240 | $193.67 | +5.8% | Dec 11, 2024 |
| Oppenheimer | Scitt Scgbeeberger | $234 | $196.16 | +3.1% | Oct 23, 2024 |
| Robert W. Baird | David Manthey | $230 | $200.09 | +1.4% | Oct 16, 2024 |
| Barclays | Matthew Bouley | $245 | $207.06 | +8.0% | Sep 18, 2024 |
| Citigroup | Anthony Pettinari | $221 | $207.06 | -2.6% | Sep 18, 2024 |
| RBC Capital | Mike Dahl | $219 | $207.06 | -3.5% | Sep 18, 2024 |
| Bank of America Securities | Arnaud Lehmann | $185 | $207.06 | -18.5% | Sep 18, 2024 |
| Robert W. Baird | David Manthey | $225 | $207.06 | -0.8% | Sep 18, 2024 |
| Barclays | Matthew Bouley | $229 | $195.51 | +0.9% | Jul 12, 2024 |
| RBC Capital | Mike Dahl | $211 | $196.96 | -7.0% | Jun 5, 2024 |
| Jefferies | Philip Ng | $244 | $205.87 | +7.6% | Mar 14, 2024 |
| Truist Financial | Keith Hughes | $140 | $110.72 | -38.3% | Jun 16, 2022 |
| Truist Financial | Analyst unavailable | $165 | $131.35 | -27.3% | Apr 25, 2022 |
| Barclays | Analyst unavailable | $194 | $138.91 | -14.5% | Apr 22, 2022 |
Track every rating change on FERG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationFerguson plc operates as a major supplier of plumbing, heating, and related industrial products throughout the United States and Canada. The company serves a diverse client base, providing essential solutions for residential, commercial, civil/infrastructure, and industrial projects. Its extensive product range encompasses core plumbing and heating supplies, such as pipes, valves, fittings, water heaters, and a variety of kitchen and bathroom fixtures and appliances. Beyond these essentials, Ferguson also provides heating, ventilation, air conditioning, and refrigeration (HVAC/R) equipment, as well as fire sprinkler systems and associated components. The company's offerings further extend to specialized water management products like water meters, irrigation and drainage systems, geosynthetics, and stormwater control solutions.…
Historical context
All FERG earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FIX Comfort Systems USA, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.2% | -8.5% | Comfort Systems USA: Strong Growth, Record Backlog, Margin Watchpoints |
| BE Bloom Energy Corporation | FY2026 Q3 · Calendar Q4 2026 | +36.0% | -8.7% | Bloom Energy Raises Outlook as AI Power Demand Drives Expansion |
| SNA Snap-on Incorporated | FY2026 Q3 · Calendar Q4 2026 | -5.9% | -3.4% | Snap-on: C&I strength offsets organic sales pressure in Q3 |
| HON Honeywell International Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +1.7% | Honeywell Raises 2026 Outlook as Backlog and Forge Support Growth |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +7.0% | Lockheed Martin: backlog and guidance rise, with execution risks |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | +4.6% | +3.1% | Norfolk Southern posts strong Q3 as capex outlook rises |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the FERG recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-26T06:00:43.686604+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T06:00:43.683791+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.