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(Reuters) – Ferguson Plc on Tuesday recorded a 7.7% rise in its current operating income over the six-month period, but did not meet badysts' expectations because of growth in margin lower than expected.
The world's largest supplier of heating and plumbing equipment said it expected commercial profit for fiscal 2019 to be below badysts' expectations, ranging from $ 1.59 billion to $ 1.65 billion.
The company has relied heavily on the success of its US operations, which account for over 90% of its profits. In Canada, it is trying to reproduce the same success as the growth of its domestic market, Great Britain.
Current operating income reached $ 744 million for the six-month period, compared to $ 691 million a year ago. However, it missed expectations by 1.6%, according to J.P.Morgan badysts.
Current income reached $ 10.85 billion for the six months ended January 31, compared with $ 10.03 billion a year earlier.
"After a strong performance in the first half, our growth rate has moderated recently, in line with the conditions of our markets," said Chief Executive Officer John Martin.
(Report by Sangameswaran S in Bengaluru, edited by Gopakumar Warrier and Arun Koyyur)
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