WASHINGTON (dpa-AFX) - Shares of Ferguson Enterprises Inc. (FERG) surged 12% on Monday after the company reported third-quarter results, with profit increasing from last year. The company also raised its full-year sales growth guidance, supported by strong execution and contributions from acquisitions.
The stock is trading at $262.54, up $28.84 or 12.34%, on the NYSE. It opened at $251.68 after closing the previous session at $233.70. The stock has traded between $212.13 and $271.64 over the past 52 weeks.
Third-quarter adjusted earnings rose 7.9% to $3.43 from $3.18 a year earlier. Revenue increased 9.5% to $9.03 billion from $8.25 billion.
Reported net income declined to $598 million from $638 million.
Ferguson now expects net sales growth of approximately 7%, compared with its previous forecast of mid-single-digit growth.
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