June 10, 2019 / 7:44 AM / 17 days ago

BUZZ-Ferguson: Hits FTSE bottom after Q3 revenue miss

** Shares of Ferguson Plc, the world’s largest supplier of heating and plumbing equipment, fall 4% to hit bottom of FTSE blue-chip index

** Q3 Revenue rose 6.2% to $5.27 bln, while analysts on average had expected $5.36 bln

** Co said overall market environment in its top market U.S. “moderated to low growth” - organic revenue growth slowed in the country to 3.3% in Q3 from 9.7% in Q2

** Ferguson’s total organic revenue rose merely 2.7% in Q3, compared to 6.4% growth in Q2

** “Any current signs of a faltering US economy are not affecting Ferguson in any meaningful way, although the spectre of a slowdown remains, as evidenced by the initial share price reaction to these numbers,” said Richard Hunter, markets head at Interactive Investor (Reporting by Justin George Varghese in Bengaluru)

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