Ferguson plc, (NYSE: FERG), based in Wokingham, United Kingdom, reported fiscal 2022 third-quarter net sales of $7.3 billion, a 23.1% increase over the same period in the previous year.

The company reported a fiscal 2022 3Q gross margin of 30.3% and an operating profit of $712 million, which was a 36.9% increase over 2021’s fiscal 3Q.

“Our associates continued to drive outstanding service and support for our customers, delivering further market share gains and a strong financial performance,” commented Kevin Murphy, Ferguson’s CEO. “Disciplined cost control ensured earnings growth continued to outpace revenue growth as we ran up against strong prior year comparables. We continue to execute our strategy of investing for organic growth, consolidating our fragmented markets through acquisitions and returning capital to shareholders. Near term market demand remains supportive and we have increased our full year expectations for adjusted operating profit to $2.85 – $2.95 billion. While we are mindful of broader macroeconomic headwinds, our balanced business mix, agile business model and strong balance sheet position us well for the future.”