Ferguson Stock Turns Red On Decline In Q1 Profit

(RTTNews) - Shares of Ferguson Enterprises Inc. (FERG) are moving down about 8 percent on Tuesday morning, following a fall in first-quarter net income to $470 million or $2.34 a share from last year's $519 million or $2.54 a share.

The decline was primarily driven by higher selling, general, and administrative expenses.

Currently, Ferguson's stock is dropping 8.61 percent, to $198.98 over the previous close of $217.74 on the New York Stock Exchange.

On an adjusted basis, net income stood at $494 million or $2.45 a share compared to $543 million or $2.65 a share in the prior year.

However, revenue increased to $7.77 billion from $7.71 billion in the previous year.

Looking ahead, the company expects net sales to experience growth of low single digit for the fiscal year 2025.