Core & Main rallies on stronger-than-expected earnings

Core & Main Inc. rallied 8% in premarket trades after the St. Louis-based distributor of water, wastewater, storm drainage and fire protection products raised its earnings outlook and handily beat profit expectations for the third quarter. Core & Main said it earned $111 million, or 65 cents a share in the three months ended Oct. 30, up from $64 million, or 39 cents a share, in the year-ago period. Wall Street analysts expected Core & Main to earn 55 cents a share, according to FactSet data. Revenue increased by 29% to $1.82 billion from $1.41 billion and beat the Wall Street analyst target of $1.69 billion. Core & Main said it now expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to increase by 51% to 54%, up from its earlier projection of 39% to $47% adjusted EBITDA growth.

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