Ferguson PLC, (NYSE: FERG), based in Wokingham, United Kingdom reported 2022 fiscal first-quarter net sales of more than $6.8 billion, a 26.6% increase over the company’s fiscal 1Q in 2021.

Ferguson’s operating profit was $739 million, a 64.2% increase over fiscal 1Q in 2021. Earnings per diluted share were 71.4% higher than 1Q in the previous fiscal year.

The company also completed four acquisitions since the start of the fiscal year, with annualized revenues of $125 million.

“Our associates have continued to drive strong market share gains while navigating industry supply chain pressures, delivering particularly strong profit growth,” Group Chief Executive Kevin Murphy said. “We are pleased with earnings growth that significantly outpaced revenue growth to generate strong operating leverage, demonstrating the agility of our business model. Our balance sheet remains strong as we continue to invest in inventory availability to service our customers and return capital to shareholders through the ongoing share buy back program.

“Since the start of the second quarter, Ferguson has generated revenue growth similar to that of Q1 2022. We continue to expect a tapering of growth in the second half on tougher prior year comparatives and we remain mindful that the recent tailwinds from inflation on gross margins will likely moderate, although the timing and extent remain uncertain. Given the strong momentum in the business and the agility of our business model, our full year expectations have increased.”