This paper presents a new distributed-memory algorithm called FastSV for finding connected components in an undirected graph. Our algorithm simplifies the classic Shiloach-Vishkin algorithm and employs several novel and efficient hooking strategies for faster convergence. We map different steps of FastSV to linear algebraic operations and implement them with the help of scalable graph libraries. FastSV uses sparse operations to avoid redundant work and optimized MPI communication to avoid bottlenecks. The resultant algorithm shows high-performance and scalability as it can find the connected components of a hyperlink graph with over 134B edges in 30 seconds using 262K cores on a Cray XC40 supercomputer. FastSV outperforms the state-of-the-art algorithm by an average speedup of 2.21x (max 4.27x) on a variety of real-world graphs.