Slowing housing market is hurting this plumbing and HVAC distributor’s stock
Earnings Results
Quarterly profit beat expectations, but sales came up short and the full-year growth outlook was a bit downbeat
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Shares of Ferguson Enterprises Inc. were headed for a fall in early Tuesday trading, after the plumbing, HVAC and appliance-products distributor missed quarterly revenue expectations, citing “muted” residential end markets as housing activity weakened.
The company also provided a downbeat full-year sales growth outlook, as the “challenging near-term market environment” is expected to continue.