Financial PerformanceThe company continues to execute well — maintaining gross margin and investing in moat-strengthening capabilities while tightly controlling headcount/discretionary costs in a soft volume environment.
Growth PotentialFERG is well-positioned to benefit from megaprojects, recovering end markets, and other catalysts (HVAC refrigerant transition, IIJA funding release, improving housing trends, etc.).
Market StrategyFERG remains well-diversified among end markets, with around a 50/50 balance between residential and non-residential, as well as a diverse product mix within each category.