Ferguson Enterprises reported better-than-expected second-quarter earnings and revised its full-year outlook as the HVAC and plumbing-supplies distributor overcame weaker residential and HVAC markets.

The company on Monday posted adjusted earnings of $3.39 a share, up from $1.52 a year ago and above Wall Street expectations of $3.30. Net sales grew 4.6% to $8.75 billion, beating the analyst consensus call for $8.68 billion, according to FactSet.

Ferguson also now expects mid-single digit sales growth for the full year from its prior low to mid-single growth expectations. The company raised its capital spending forecast for the current year to $375 million to $425 million from its previous $350 million to $400 million view.

Ferguson stock declined 0.8% to $254.70 in premarket trading on Monday. The stock last week was added to the S&P 500 and replaced Electronic Arts, which is being acquired. Shares have advanced more than 15% this year, outperforming the broader S&P 500.