Ferguson Clocks 14.3% Revenue Growth In FY21; Plans $1B Stock Buyback

Ferguson PLC FERG reported an FY21 revenue increase of 14.3% year-over-year to $22.79 billion.
Revenue growth by customer group: Residential Trade +14% Y/Y, Residential Building and Remodel +14%, Residential Digital Commerce +38%, HVAC +22%, Waterworks +17%, and Commercial / Mechanical +6%.
Basic EPS was 674.7 cents versus 427.5 cents in FY20. Headline EPS increased by 35.5% to 688.1 cents.
The gross margin expanded by 60 bps to 30.6%. Adjusted EBITDA increased by 28.8% Y/Y to $2.27 billion, and margin expanded by 112 bps to 9.9%.
Net cash generated from operating activities for the year was $1.54 billion.
The company announced a new $1 billion share buyback.
"The Group started the new financial year with strong momentum, with organic revenue growth at Similar levels to Q4 2020/21. We expect a year of good growth overall, but we anticipate a tapering in The second half on tougher prior year comparatives," commented Kevin Murphy, Group Chief Executive.
Price Action: FERG shares are trading lower by 3.50% at $139.7 during the premarket session on Tuesday.

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