08:10 AM EDT, 06/04/2024 (MT Newswires) -- (Updates with share repurchase program in last paragraph.)

Ferguson (FERG) reported fiscal Q3 adjusted earnings Tuesday of $2.32 per diluted share, up from $2.20 a year earlier.

Analysts polled by Capital IQ expected $2.32.

Revenue for the quarter ended April 30 was $7.31 billion, compared with $7.14 billion a year earlier.

Analysts surveyed by Capital IQ expected $7.32 billion.

The company reduced its guidance for fiscal year 2024 capital expenditures to $350 million to $400 million, from $400 million to $450 million. Revenue is expected to remain broadly flat year over year.

The company maintained a quarterly dividend of $0.79, payable on July 31 to shareholders on record as of June 14.

Ferguson also said it is increasing its share repurchase program by $1.0 billion, which will result in a remaining balance of approximately $1.1 billion.

Ferguson shares fell 3% in premarket trading.

Price: 196.79, Change: -6.09, Percent Change: -3.00