Ferguson : Q1 marked by a slight slowdown in October
>Earnings a shade below expectations - Operating profit 1.3% shy of expectations Operating profit totalled $Â 432Â m (vs $Â 438m for the consensus and $Â 445m for Oddo BHF). Like-for-like growth disappointed at +6.7%, after +8.1% in Q4 and 7.1% in Q3 and below the consensus forecast of 7.5%. Note that the group had indicated at the time of the annual results presentation on 3 October that like-for-like growth was 7.5% in August/September. Growth clearly stalled in October...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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