Ferguson (NYSE:FERG) saw its shares surge more than 12% intra-day today after reporting third-quarter results that topped profit expectations and prompted a full-year guidance hike.
The distributor of plumbing and heating products delivered adjusted earnings of $2.50 per share for the quarter, outpacing analyst forecasts. Revenue came in at $7.6 billion, representing a 4.3% year-over-year increase, though just shy of Wall Street’s estimate of $7.79 billion.
The company cited solid performance in its U.S. operations—its primary revenue driver—which saw 5% organic growth, supported by strength in non-residential construction, where sales climbed roughly 7% year-on-year.
Bolstered by the results, Ferguson raised its full-year outlook. It now projects revenue growth in the low to mid-single digits, up from a prior view of low-single-digit gains. The company also upgraded its adjusted operating margin forecast to a range of 8.5% to 9.0%, up from its earlier range of 8.3% to 8.8%.
