Ferguson (NYSE:FERG) shares are trading slightly higher after it reported fourth-quarter results.
The company reported net sales of $7.946 billion, which was 1.4% higher year over year, missing the consensus of $7.993 billion. Organic revenue fell by 0.2%, with a 0.1% negative impact from foreign exchange.
The company witnessed price deflation of around 2% due to weakness in certain commodity categories, which was partially offset by a 2% increase in organic volumes.
Net sales in the U.S. business increased by 1.3%, while that in Canada grew by 2.0%.
Adjusted gross margin expanded by 40 basis points to 31.0% in the fourth quarter. ...
