By Kyle Morris


Ferguson PLC said Tuesday that it has increased its full-year expectations for adjusted operating profit after an rise in the metric in its third quarter.

The plumbing-and-heating group said revenue for the three months ended April 30 was $7.28 billion compared with $5.92 billion a year earlier. Net sales were 23.1% ahead of last year.

Adjusted operating profit was $747 million compared with $559 million. On a reported basis operating profit was $712 million compared with $520 million

Adjusted earnings before interest, taxes, depreciation and amortization--a metric that strips out exceptional and other one-off items--was $795 million compared with $602 million.

Third-quarter net income was $546 million and income before tax was $690 million.

"Disciplined cost control ensured earnings growth continued to outpace revenue growth as we ran up against strong prior year comparables," Chief Executive Kevin Murphy said.

"Near-term market demand remains supportive and we have increased our full-year expectations for adjusted operating profit to $2.85 billion-$2.95 billion. While we are mindful of broader macroeconomic headwinds, our balanced business mix, agile business model and strong balance sheet position us well for the future," he added.


Write to Kyle Morris at kyle.morris@dowjones.com


(END) Dow Jones Newswires

06-14-22 0728ET