Ferguson’s shares jumped by three per cent this morning to hit a record high after posting a 65 per cent jump in quarterly profit.
The plumbing group said revenue for the three months to March hit $5.9bn, up by a quarter from the same period in 2020.
US demand accelerated throughout the quarter as the country’s economy continued to reopen.
Business in the US helped to grow underlying trading profit to $560m, a 68 per cent increase compared to a year earlier.
Given the better-than-expected results, Ferguson raised its annual guidance upwards as it said it expects to continue to outperform strong end markets in the fourth quarter.
Kevin Murphy, group chief executive of Ferguson, said the firm’s strong earnings growth came from continued operating efficiencies.
“Looking ahead, we are confident in our strategy and we remain committed to investing in our talented associates, world class supply chain and digital capabilities to better serve our customers.”