Strong Revenue Growth
Sales increased by 4.3% year-over-year to $7.6 billion, with organic growth of 5% and acquisition growth of 1%.
Gross Margin Improvement
Gross margin increased to 31%, up by 130 basis points sequentially and 50 basis points year-over-year.
Operating Profit and Margin Expansion
Operating profit increased by 6.1%, with operating margin expanding by 20 basis points to 9.4%.
HVAC and Waterworks Growth
HVAC sales grew by 10%, and Waterworks revenue increased by 12% due to strong public works and municipal activity.
Shareholder Returns
The company returned $417 million to shareholders through share repurchases and dividends.
Updated Fiscal Guidance
Full year guidance was updated to expect low to mid-single-digit revenue growth and operating margin of 8.5% to 9.0%.