By Dean Seal
Shares of Core & Main soared after the company lifted its full-year guidance and posted an acquisition-fueled boost in revenue for the third quarter.
The stock finished the trading session up 15.5% at $55.78. Shares have gained 38% since the start of the year.
The St. Louis-based distributor of water-related infrastructure said before the bell that sales rose almost 12% to $2.04 billion in the quarter ended Oct. 27, topping analyst projections by $50 million, according to FactSet. Earnings also came in above analyst forecasts.
Chief Executive Steve LeClair said sales were given a leg-up from recent acquisitions that expanded the company's geographic presence, introduced new product lines and added talent.
Core & Main now expects sales of $7.35 billion to $7.45 billion this year, adding $50 million to its previous targets. It also expects higher adjusted earnings before interest, taxes, depreciation and amortization.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 03, 2024 16:44 ET (21:44 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。