Summary

  • Ferguson is the world's leading distributor of plumbing and heating products
  • Ferguson operate in two geographic regions - the United States and Canada.
  • The company principally serve the Repair, Maintenance and Improvement (RMI) markets and hold leading positions in many of these markets
  • With 1,679 branches spread across the US and Canada Ferguson is a North American business.

FERG0.jpg

Company Overview

Ferguson (NYSE:FERG, LSE:FERG) is the world's leading value-added distributor of plumbing and heating products1

The company operate in two geographic regions - the United States and Canada.

The company principally serve the Repair, Maintenance and Improvement (RMI) markets and hold leading positions in many of these markets. The company bridge the gap between the large supplier base and geographically dispersed professional customers.

With 1,679 branches spread across the US and Canada Ferguson is a North American business. But Ferguson is a local business too – the majority of its customers operate within 20 miles of their home base and may visit their local branch several times a week. The company therefore look to build long-term relationships with its customers by providing a great experience, in branch or online, rooted in exceptional service.

FERG1.png

Business Overview

The company create value by using the expertise of its people, its scale, bespoke logistics network, technology and its value added service offering.

Ferguson distributes over one million products from over 34,000 reputable suppliers across the world.

Distributors, including Ferguson, bridge the gap between a fragmented supplier base and the large and geographically dispersed professional customer base.

The USA continues to be its largest market with the greatest opportunities for growth. It is highly fragmented with no market dominated by any single distributor.

Ferguson is a leading value-added distributor providing expertise, solutions, and products from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more. With large scale distribution, branch and showroom networks Ferguson is able to supply its customers whenever and wherever they need it.

FERG2.jpg

USA

The US business operates primarily under the Ferguson brand and is a value added distributor of plumbing and heating products in the USA. It operates nationally, serving the residential, commercial, civil and industrial end markets. Ferguson predominantly serves the Repair, Maintenance and Improvement (RMI) markets, with relatively low exposure to the new construction market.2

Ferguson operates 1,470 branches serving all 50 states with approximately 28,000 associates. The branches are served by 10 distribution centers, providing same-day and next-day product availability, a key competitive advantage and an important requirement for customers.

The company's operations and associate expertise align with the nine customer groups where the company predominantly serve trade customers. By differentiating between the customer types, Ferguson is able to provide bespoke services and better cater to specific requirements. Each group has its own set of competitors that range from large national companies, including trade sales by large home improvement chains, to small, privately owned distributors. In line with the Group’s strategy the business aims to strengthen its position in existing and adjacent markets through bolt-on acquisitions.

FERG3.png

Canada

A wholesale distributor of plumbing, heating, ventilation and air conditioning, refrigeration, waterworks, fire protection, pipes, valves and fittings and industrial products.

Wolseley Canada predominantly serves trade customers across the residential, commercial and industrial sectors in both RMI and new construction. The business operates 209 branches with one distribution center. At the year-end Canada had approximately 3,000 associates.

Canada operates primarily under the Wolseley brand and supplies plumbing, heating, ventilation, air conditioning and refrigeration products to residential and commercial contractors. It also supplies specialist water and wastewater treatment products to residential, commercial and municipal contractors, and supplies PVF solutions to industrial customers.  Ferguson is one of the largest businesses serving the plumbing and heating customer group in Canada.

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Financial Highlights

Revenue for the year ended July 31, 2021, $22,792 million (2019/20 restated: $19,940 million) was 14.3 per cent higher than last year, 13.0 per cent higher on an organic basis with a further 1.5 per cent from acquisitions offset by 0.2 per cent from trading days and the impact of foreign exchange.3

Operating profit of $2,034 million (2019/20 restated: $1,449 million) was 40.4 per cent higher than last year as a result of the strong trading performance in both the USA and Canada and lower net exceptional charges.

Profit for the year attributable to shareholders increased to $1,508 million (2019/20: $961 million) as a result of the higher operating profit as mentioned above and lower tax charge partially offset by the discontinued exceptional loss on disposal.

Net exceptional charges in operating profit were $11 million in the year (2019/20 restated: $97 million), principally relating to costs associated with the Group’s listing in the USA partially offset by some small business restructuring provision releases.

Net finance costs were broadly in line with last year at $144 million (2019/20 restated: $140 million) including $44 million (2019/20 restated: $49 million) of interest costs on lease liabilities.

The Group incurred a tax charge of $241 million (2019/20 restated: $317 million) on profit before tax of $1,891 million (2019/20 restated: $1,292 million) resulting in an effective tax rate of 12.7 per cent (2019/20 restated: 24.5 per cent). The decrease in the effective tax rate is primarily due to a release of provisions against uncertain tax positions following the closure of tax audits and lapsing of statute of limitation periods. The adjusted tax charge is $496 million (2019/20 restated: $376 million) which equates to an adjusted effective tax rate of 24.4 per cent (2019/20 restated: 24.9 per cent) on the adjusted profit before tax, exceptional items, the amortization and impairment of acquired intangible assets and the impairment of interests in associates of $2,034 million (2019/20 restated: $1,512 million). The decrease in the effective tax rate was driven by a reduction of prior period adjustments and decreased non-deductible expenses, the impact of which was partially offset by the tax effect of an increase in pre-tax earnings.

Headline earnings per share increased 35.5 per cent from 508.0 cents to 688.1 cents. Basic earnings per share from continuing operations were 738.3 cents (2019/20 restated: 433.7 cents) and diluted earnings per share were 733.7 cents (2019/20 restated: 429.7 cents). Total basic earnings per share, including discontinued operations, were 674.7 cents (2019/20: 427.5 cents) and total diluted earnings per share were 670.5 cents (2019/20: 423.5 cents).

The Group’s continuing operations generated strong adjusted EBITDA of $2,266 million (2019/20 restated: $1,760 million) as a result of the strong trading performance in the USA and Canada. The Group adjusted EBITDA of $2,323 million (2019/20: $1,802 million) includes discontinued operations.

The Group has continued to generate good cash flows during the year with cash generated from operations of $2,093 million (2019/20: $2,252 million) resulting in a cash conversion ratio of cash generated from operations/Group adjusted EBITDA of 90 per cent (2019/20: 125 per cent). Cash generated from operations in the year includes the impact of IFRS 16 of $342 million (2019/20: $348 million). Without this, the cash conversion would have been 75 per cent (2019/20: 106 per cent). The lower cash conversion was a result of continued investment in inventory availability to service its customers during a time of industry supply chain disruption.

3Q FY22 Result

Net sales of $7,284 million were 23.1% ahead of last year, and the same on an organic basis, as a 1.7% contribution from acquisitions was fully offset by one fewer trading day and the impact of foreign exchange rates. Inflation in the third quarter was approximately 20%.4

Gross margins of 30.3% were 60 basis points lower than last year driven primarily by strong prior year comparables and changes in business mix. Operating expenses continued to be well controlled, resulting in an operating margin increase of 100 basis points (adjusted operating margin +90 basis points). Ferguson remains focused on productivity and efficiencies while investing in talented associates, supply chain capabilities and technology.

Reported operating profit was $712 million (adjusted operating profit: $747 million), 36.9% ahead of last year (adjusted operating profit growth: 33.6%) as strong revenue and good cost control led to continued operating leverage.

Reported earnings per share on a diluted basis was $2.50 (adjusted earnings per share – diluted: $2.50), an increase of 51.5% (adjusted earnings per share – diluted growth: 40.4%) with the increase due to the strength of the profit performance in the period and the lower share count arising from share buy back programs.

USA

The US business grew net sales by 23.9% which comprised 23.7% organic growth with 1.8% from acquisitions offset by 1.6% from one fewer trading day.

Residential end markets, which comprise just over half of its US revenue, remained robust during the quarter. New residential housing start and permit activity has continued at elevated levels. Overall, its residential revenue grew by approximately 20% in the third quarter.

Non-residential end markets, representing just under half of its US revenue, experienced strong growth. The company's non-residential revenue grew by approximately 29% in the third quarter.

Adjusted operating profit of $736 million was 31.4% or $176 million ahead of last year.

The company completed four acquisitions during the quarter with annualized revenues of approximately $50 million. The company acquired two bolt-ons within its residential building and remodel customer group, Lighting Plus, a lighting business based in Alabama, and Founders Kitchen & Bath, a cabinetry design and install business serving the greater Atlanta region. The company also acquired Adirondack Piping Solutions and AP Supply Co., both industrial distributors of PVF products in upstate New York and the southern US respectively

Canada

Net sales grew by 8.8%, with organic revenue growth of 11.3% offset by 1.8% from one fewer trading day and a further 0.7% due to the adverse impact of foreign exchange rates. Both residential and non-residential end markets saw good growth and adjusted operating profit of $20 million grew by 66.7%, significantly outpacing revenue growth as a result of good operating leverage.

Financial position and corporate updates

Net debt at April 30, 2022 was $2,375 million and during the first nine months of the year Ferguson completed $918 million of the previously announced $2.0 billion share buy back.

On April 20, 2022, Ferguson closed a two-tranche $1.0 billion bond offering comprised of $300 million aggregate principal amount 4.25% notes due April 20, 2027 and $700 million aggregate principal amount 4.65% notes due April 20, 2032. The net proceeds will be used for general corporate purposes, including the repayment of existing debt.
 

Outlook

Near term market demand remains supportive and Ferguson has increased its full year expectations for adjusted operating profit to $2.85 - $2.95 billion. While Ferguson is mindful of broader macroeconomic headwinds, its balanced business mix, agile business model and strong balance sheet position it well for the future.

References

  1. ^ https://www.fergusonplc.com/en/who-we-are/corporate-profile.html
  2. ^ https://www.fergusonplc.com/en/our-businesses/usa.html
  3. ^ https://www.fergusonplc.com/content/dam/ferguson/corporate/2021-10-ar-updates/investors-and-media/annual-report-2021/Ferguson-plc-Annual-Report-2021.pdf
  4. ^ https://www.fergusonplc.com/en/investors-and-media/news/financial-news/2022/ferguson-plc-reports-third-quarter-results.html
Created by Asif Farooqui on 2022/02/21 17:16
     

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  581. US:SSRM
  582. US:STJPF
  583. US:STLY
  584. US:STML
  585. US:STMP
  586. US:STN
  587. US:STRRF
  588. US:SU
  589. US:SWN
  590. US:SYN
  591. US:TAC
  592. US:TBQBF
  593. US:TD
  594. US:TECK
  595. US:TENX
  596. US:TEVA
  597. US:TFII
  598. US:TGOPF
  599. US:TGTX
  600. US:THCBF
  601. US:TK
  602. US:TMXXF
  603. US:TNDM
  604. US:TOP
  605. US:TRI
  606. US:TROV
  607. US:TRP
  608. US:TRTC
  609. US:TRVN
  610. US:TRXC
  611. US:TSG
  612. US:TSLA
  613. US:TTM
  614. US:TTNP
  615. US:TTNQY
  616. US:TU
  617. US:TVTY
  618. US:TWTR
  619. US:TXMD
  620. US:UBQU
  621. US:UNXL
  622. US:VAPE
  623. US:VBLT
  624. US:VCEL
  625. US:VDQSF
  626. US:VPCO
  627. US:VSTM
  628. US:WIT
  629. US:WLDFF
  630. US:WLL
  631. US:WMIH
  632. US:WMT
  633. US:WPM
  634. US:WPP
  635. US:WSPOF
  636. US:XGTI
  637. US:XON
  638. US:XTNT
  639. US:XXII
  640. US:ZGNX
  641. US:ZSAN
  642. US:ZYNE
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