Ferguson plc reported a resilient QQ3 2024 with modest revenue growth and through-cycle EBITDA margins maintaining a high level of profitability in a deflationary input-cost environment. Reported revenue was $7.309 billion, up 2.4% year over year, aided by a 1.7% acquisition contribution and a one-time 1.6% uplift from an extra sales day, offset by organic volume decline of 0.9% and continued approximately 2% price deflation. Management highlighted disciplined cost management and pricing execution, delivering adjusted operating profit of $674 million (up 2.6%), translating into an adjusted operating margin of about 9.3% for the quarter (vs. about 9.1% prior year). Net income rose to $443 million and adjusted diluted EPS to $2.32, up approximately 5.5% year over year. Ferguson generated strong operating cash flow of $643 million and free cash flow of roughly $572 million in the quarter, supporting a balance sheet with net debt to adjusted EBITDA of 1.0x. The company expanded its capital return program, boosting the quarterly dividend by 5% to $0.79 per share and extending its $1 billion share repurchase program. These dynamics underpin a positive but cautious near-term outlook, with full-year 2024 revenue expected to be broadly flat and adjusted operating margin guided narrowly to 9.2%â9.6%. Ferguson remains well-positioned to benefit from multiyear tailwinds in residential and nonresidential end markets while continuing to pursue bolt-on acquisitions to consolidate fragmented markets.