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)
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