By Connor Hart
Core & Main raised its full-year outlook after posting higher-than-expected revenue and profit in the third quarter, boosted by recent acquisitions.
The St. Louis distributor of water-related infrastructure reported net income attributable to the company of $133 million, compared with $112 million in last year's comparable quarter.
Earnings came in at 69 cents a share, beating the 65 cents that analysts surveyed by FactSet were expecting.
Net sales rose 12% to $2.04 billion. Analysts were looking for $1.99 billion, according to FactSet.
Chief Executive Steve LeClair said the company completed five acquisitions before and after the quarter. These sales expanded its geographic presence, introduced new product lines and added talent, which in combination with organic growth, contributed to higher revenue in the recent quarter.
"Overall, our teams are executing our strategy, outperforming the market with organic volume growth, and advancing our initiatives to support growth and margin expansion in 2025 and beyond," he said.
For the year, Core & Main now expects net sales between $7.35 billion and $7.45 billion, up from prior guidance of between $7.3 billion and $7.4 billion.
Core & Main increased its adjusted earnings before interest, taxes, depreciation and amortization outlook to between $915 million and $935 million from between $900 million and $930 million.
Analysts polled by FactSet are expecting revenue of $7.34 billion and adjusted Ebitda of $918.2 million for the year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 03, 2024 07:50 ET (12:50 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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