Ferguson 1Q margins expand as volume remains slightly negative.
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Ferguson 1Q margins expand as volume remains slightly negative. Ferguson posts margin expansion and profit growth in its fiscal first quarter, even as residential end markets remained challenged. On May 5, plumbing, PVF, HVAC, infrastructure and industrial supplies distributor Ferguson Enterprises reported its results for the 2026 first quarter, which ended March 31. Amid what Ferguson CEO Kevin Murphy described as an uncertain and challenging market, the results were led by strong non-residential market revenue growth driven by large capital projects. For the first quarter, Ferguson reported net sales of $7.5 billion up 3.6% year-over-year. The figure was driven by 2.8% organic revenue growth and 0.8% growth from acquisitions. Meanwhile, price inflation was in the mid-single digits, the company noted. Ferguson's 1Q26 U.S. sales results by customer group: | Customer Group | % of U.S. Sales | 2026 YoY +/- | 2025 YoY +/- | | Waterworks | 23% | +5% | +11% | | Ferguson Home | 21% | -2% | Flat | | Residential Trade Plumbing | 15% | -2% | -4% | | HVAC | 11% | 1% | +5% | | Commercial/Mechanical | 16% | +18% | +9% | | Fire & Fabrication | 3% | -6% | -5% | | Facilities Supply | 4% | +3% | -3% | | Industrial | 7% | +10% | +1% | | Total U.S. 100% | +3.5% | +3.1% | While net sales in the U.S. increase by 3.5%, with organic revenue growth of 2.9% and further 0.6% contribution from...
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