Ferguson plc (FERG) Q1 2023 Earnings Call Transcript

For the period ending October 31, 2022

December 6, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen. My name is Daisy, and I'll be your conference operator today. At this time, I would like to welcome you to Ferguson's First Quarter Conference Call. All lines have been placed on mute to prevent any interference with the presentation. At the end of the prepared remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to your host, Mr. Brian Lantz.

Brian Lantz

Good morning, everyone, and welcome to Ferguson's first quarter conference call and webcast. Hopefully, you've had a chance to review the earnings announcement we issued this morning. The announcement is available in the Investors section of our corporate website and on our SEC filings web page. A recording of this call will be made available later today.

I want to remind everyone that, some of our statements today may be forward-looking and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Additional information on these matters is also included in our earnings announcement and in our Form 10-K available on the SEC website. Any forward-looking statements, represent the company's expectations only as of today.

In addition, on today's call, we will also discuss certain non-GAAP financial measures. Please refer to our earnings presentation and announcement on our website for additional information regarding those non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measures.

With me on the call today are Kevin Murphy, our CEO; and Bill Brundage, our CFO.

I will now turn the call over to Kevin.

Kevin Murphy

Thank you, Brian, and welcome everyone to Ferguson's first quarter results conference call. On the call today, I'll cover highlights of our Q1 performance. I'll also provide a more detailed view of our performance by end markets, and by customer groups, before turning the call over to Bill for the financials and our outlook for fiscal year 2023. I'll then come back at the end, to share some thoughts on how we're executing our strategy particularly as it relates to acquisitions and conclude with some closing remarks before Bill and I take your questions.

First quarter saw our teams deliver another strong performance. We'd like to express sincere thanks to our associates for their remarkable efforts to serve our customers, helping to make their projects simple, successful and sustainable. We've continued to leverage our consultative approach, our scale, our global supply chain, and our strong balance sheet, to support our customer's projects. This drove 17% revenue growth, as we appropriately managed and passed through price inflation.