Ferguson PLC (NYSE:FERG) shares rose after reporting Q1 FY24 results with sales of $7.71 billion, surpassing the $7.65 billion consensus. Despite a 2.8% Y/Y sales decline due to lower residential sales, adjusted EPS of $2.65 beat the $2.62 consensus. The U.S. and Canada businesses saw organic revenue declines, and the company experienced a slight contraction in gross and adjusted operating margins. Ferguson declared a 5% increased quarterly dividend and repurchased $108 million in shares. The company reiterated its FY24 guidance, expecting flat net sales and an adjusted operating margin between 9.2% and 9.8%. FERG shares traded up 4.46% at $175.75.