By Joe Hoppe
Ferguson PLC said Tuesday that its performance for the first quarter of fiscal 2022 was marked by a rise in operating profit and revenue, and raised its full-year outlook.
The plumbing-and-heating products distributor posted an operating profit for the three months ended Oct. 31 of $739 million on a reported basis up from $450 million for the year-earlier period.
Adjusted operating profit rose 59% to $767 million, while adjusted earnings before interest, taxes, depreciation and amortization rose 55% on year to $814 million.
Revenue rose to $6.80 billion from $5.37 billion, the company added.
In Ferguson's core U.S. business, sales rose 27% comprising 25% in organic growth and 2% from acquisitions. Ferguson said its Canadian unit's revenue rose 20%, with organic growth of 14% and a further 6% growth from beneficial foreign-exchange rates.
The company said price inflation increased to the low teens in the quarter, but it managed to generate strong growth from its ability to manage inflation and good cost control.
"Given the strong momentum in the business and the agility of our business model, our full year expectations have increased," Chief Executive Kevin Murphy said.
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(END) Dow Jones Newswires