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Ferguson primed for higher profit as homeowners buy plumbing parts

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(Corrects paragraph 6 to remove FTSE 100 reference)

(Reuters) -North America-focused plumbing parts distributor Ferguson Plc on Tuesday estimated a higher annual operating profit on continued strong demand from residential customers in the United States.

The upbeat forecast comes after the company, which moved its primary listing to New York last month, reported a 37% jump in third-quarter adjusted operating profit to $747 million.

Net sales at its U.S. business jumped 24% in the quarter, while revenue from its residential markets, which comprise just over a half of the U.S. revenue, climbed about 20%.

The solid quarterly performance comes against the backdrop of a strong comparative, when a pandemic-driven demand for home renovation works in the United States benefited the company.

"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," Chief Executive Officer Kevin Murphy said in a statement.

Ferguson, which also operates in Canada, projected an adjusted operating profit in the range of $2.85-$2.95 billion for its fiscal year ending July 31. The company reported an operating profit of $2.03 billion for 2021 fiscal year.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Anil D'Silva and Sriraj Kalluvila)

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