Ferguson’s revenue rises nine percent in second quarter
- March 27, 2012
Newport News based Ferguson, the largest wholesale distributor of residential and commercial plumbing supplies in the U.S, said Tuesday that financial results for the first-half of the 2012 fiscal year showed revenue growth of 9 percent, compared with the same time last year.
The repair, maintenance, installation (RMI) segment remained resilient and there was a modest recovery in levels of new construction, the company said in a press release. Ferguson’s Blended Branches, which serves both residential and commercial customers, continued to grow while the Waterworks and Industrial business units gained market share from growth in the oil and gas sector.
“We had a solid performance for the first half,” Ferguson CEO Frank Roach said in a statement. “Our business and geographic diversity has served us well and allowed us to grow despite the slow-growth economy and a weak residential housing market.”
Ferguson completed three acquisitions in the first-half: Groeniger & Co., a large Waterworks distributor in California; SG Supply Co., Inc., a blended branch in the Chicago area; and Louisiana Chemical Pipe, Valve & Fitting, Inc., an industrial distributor in the Gulf Coast region. Acquisitions accounted for one percent of the company’s revenue growth.
Ferguson is part of Wolseley plc, a UK-based company listed on the London Stock Exchange. In 2011, Ferguson had sales of $8.8 billion. Its subsidiaries serve customers in the 50 states, Puerto Rico, Mexico and the Caribbean.