By Joe Hoppe

Ferguson PLC said Wednesday that third-quarter revenue and trading profit growth exceeded its expectations, and raised its expectations for the full year.

The plumbing-and-heating group said revenue for the three months ended April 30 was $5.92 billion compared with $4.75 billion for the same period a year earlier, while trading profit rose to $579 million from $350 million.

Adjusted earnings before interest, taxes, depreciation and amortization--a metric that strips out exceptional and other one-off items--rose 61% to $603 million.

Ferguson said that revenue picked up strongly throughout the quarter, a trend which continued into May,. Given the better-than-expected third-quarter results, it revised its fiscal 2021 upward, saying it expects to continue to outperform strong end markets. U.S. market demand accelerated over the quarter, with revenue organically growing 20% in the country.

The London-listed company said it now expects to generate group trading profit for the year in the range of $2.0 billion to $2.1 billion.

"We are well positioned to manage through the near term though we are mindful of the ongoing effect of inflation on sales and gross margins and its potential adverse impact on operating costs," Chief Executive Kevin Murphy said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

05-19-21 0234ET