Ferguson PLC, (NYSE: FERG), based in Wokingham, United Kingdom, reported Wednesday that its third-quarter revenue climbed 24.5% from the same quarter a year ago to $5.9 billion while its trading profit increased 65.4% to $579 million.
As the U.S. market has started to open up this year, Ferguson said the strong revenue growth included 20.1% organic growth in the U.S., boosted by sequentially increasing sales price inflation and easing prior year revenue comparatives.
“Ferguson has brought forward its Q3 announcement as we delivered strong revenue and profit growth ahead of expectations,” said Ferguson CEO Kevin Murphy. “Our associates continued to provide outstanding service and support to our customers in the face of increasing supply chain pressures leading to product availability concerns. We were pleased with the strong earnings growth and margin expansion arising from continued operating efficiencies and pass through of acute price inflation as the US economy re-opens. We thank our 30,000 associates for their exceptional contribution to these results.
“Revenue picked up strongly through the quarter continuing into early May and we are pleased with the momentum in our business.”
Based on its better than expected third-quarter results, Ferguson now expects to generate group trading profit in FY2021, including the impact of IFRS 16, in the range of $2 billion to $2.10 billion.