Despite market headwinds and commodity price deflation, Ferguson's CEO says it will continue to outperform the market.
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Recent acquisitions boosted overall sales, while the company cited a challenging market leading to continued organic declines.
It was the company’s best month since December 2023, led by particularly strong growth from manufacturing customers and in fastener products.
The company's net profit declined 11.4% year-over-year, but it raised its full-year outlook.
HD expects SRS to contribute approximately $6.4 billion in incremental 2024 sales, according to the company's updated 2024 outlook.
The company said it is preparing to adjust pricing and supply chains to mitigate the impact of Trump administration tariffs.
Operating profit likewise decreased in the Americas segment year-over-year amid competitive pricing pressures.
ADI's landmark acquisition of Snap One earlier this year continued to drive major annual sales gains, while organic also improved.
The company posted an increase in its U.S. sales, but a decrease in both its Canadian and international sales year-over-year.
The results showed a continued slide in year-over-year and sequential sales growth.
It suggests that broader demand for industrial and construction supplies remains subdued heading into 2024's closing months.
Each of DXP's three business segments likewise improved year-over-year and sequentially.
The company also announced a new board chair, effective immediately.
TopBuild is also set to acquire New York-based thermal insulation supplier Shannon Global Energy Solutions.
Hillman Solutions reported a slight dip in 3Q sales but saw considerably improved margins.
The distributor also announced the pending March succession for its CFO position.
The year-over-year sales decline widened from that of 2Q24, driven by weaker Multi-Family results.
Optimum was a top customer whose contract expired at the end of June. Excluding that, 1Q sales saw double-digit annual growth.
The company raised its outlook for operating margins, driven by strong performance in its Aerospace Systems segment.
Acquisitions earlier in 2024 and prior accounted for a healthy annual sales gain, emphasizing the strategic expansion of its customer base.
