U.S. Sales Boost Ferguson Plc’s Q1 Profits

UK-based Ferguson Plc's first-quarter profits rose 9.9 percent, led by stronger demand in the United States that offset a fall in UK sales

"Growth in the U.S. was widespread across all geographic regions and major business units,” said Ferguson’s CEO John Martin in a release. “Since the end of the quarter, the U.S. has continued to grow well and the current indications are that growth will continue in the months ahead.”

Ferguson's profit rose to $432 million in the three months ended Oct. 31, from $393 million a year earlier. Revenue increased 8.5 percent to $5.6 billion.

The company says its U.S. business grew sales by 9.6 percent on an organic basis, with acquisitions adding another 2.4 percent.

The company’s full quarterly financial report is here.