Ferguson PLC, (NYSE: FERG), based in Wokingham, United Kingdom reported fiscal 2022 second-quarter net sales of $6.5 billion, a 31.8% increase over the same period a year before.

The company reported a fiscal 2022 2Q gross margin of 30.6% and an operating profit of $588 million, which was a 74% increase over 2021’s fiscal 2Q.

For the first six months of its fiscal year, Ferguson reported $13.3 billion in net sales, a 29.1% increase over the first six months of fiscal 2021.

“Our associates delivered another excellent performance with continued market share gains and strong price realization while navigating industry supply chain pressures,” said Kevin Murphy, Ferguson’s group chief executive. “We are pleased with earnings growth that significantly outpaced revenue growth to generate another quarter of strong operating leverage. Our balance sheet is strong and we continue to return capital to shareholders through the ongoing share buy back program, which we are increasing by an additional $1.0 billion. Markets remain supportive and we anticipate solid revenue growth in the second half as we begin to lap tougher comparatives. We continue to be mindful that first half tailwinds on gross margin will likely moderate but we are confident in our full year expectations.”