Ferguson's 3Q Looks Strong, but We Worry About Peak Growth
Ferguson posted another good quarter, with market tailwinds and some market share gains supporting what has been a very good run this year in its U.S. business. Its international portfolio remains the weak link in the group, and we still hold out hope that the company is not through trimming assets there, after the latest divestment with the sale of its Nordic business at the end of March. With the U.S. Case-Shiller Home Price Index at peak levels of 2006, we remain cautious on Ferguson's share ...Ferguson Plc, formerly Wolseley plc, is a Switzerland-based holding company. The Company is engaged in the distribution of plumbing and heating products and building materials. The Company's segments include USA, UK, Nordics, and Canada and Central Europe. The Company operates seven business units in the United States, six of these mainly operate in the business to business (B2B) market with one operating in the business to consumer (B2C) market. The Company, through Wolseley UK, operates approximately three businesses in the B2B market and has over 737 branches covering the whole country. The Nordic region consists of five businesses that operate a total of approximately 256 branches across over four countries, supported by approximately five distribution centers. The Company's businesses serve residential repair, maintenance and improvement (RMI) and new construction markets. Ferguson Enterprises, Inc (Ferguson) is the Company's primary brand in the USA segment.
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