Ferguson : A disappointing Q3 and share buyback programme of $ 500m
>Earnings shy of forecasts and slowdown in growth - Q3 2019 operating profit 2.5% below forecast. Operating profit clocked in at $Â 371m vs $Â 362m for the consensus and our forecast of $Â 360m. Growth is continuing to slow down, at a slightly higher pace than the company had forecast at its H1 2019 results. The group published l-f-l growth of 2.7% after 6.3% in Q2, +6.7% in Q1 and +8.1% in Q4 (consensus at 3.6%). In the US, growth reached 3.3% in Q3 after 9.7% in Q2 and...Ferguson is a holding company. Through its subsidiaries, Co. is a distributor of plumbing and heating products in the U.S. Co. operates nationally serving the residential, commercial, civil and industrial markets. Co. operates seven business units in the U.S.: Blended Branches, which provides plumbing and heating solutions ; Waterworks standalone, which distributes pipe, valves and fittings, hydrants, meters and related water management products; B2C e-commerce, which sells directly to consumers via websites using the product range and distribution network of the Blended Branches business; as well as Other, which comprises industrial standalone, fire and fabrication, and facilities supply.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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