Despite market headwinds and commodity price deflation, Ferguson’s CEO says it will continue to outperform the market.
It was the company’s best month since December 2023, led by particularly strong growth from manufacturing customers and in fastener products.
ADI’s landmark acquisition of Snap One earlier this year continued to drive major annual sales gains, while organic also improved.
It suggests that broader demand for industrial and construction supplies remains subdued heading into 2024’s closing months.
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.
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.
Meanwhile, the bearings maker posted its 3Q results, made an Australasia acquisition and updated on its Automotive separation.
The company’s WIS unit sale earlier this year drove most of its overall sales decline, while its CSS segment powered narrow organic growth.
The organic gain outperformed compared to other industrial distributors in the July-September period.
