Core & Main Stock Soars on Strong Results, Boosted Outlook

Core Insights - Core & Main exceeded third-quarter earnings and revenue forecasts, benefiting from acquisitions [1] - The company set records for quarterly revenue and adjusted EBITDA [1] - CEO Steve LeClair highlighted the impact of five acquisitions on expanding geographic presence and product lines [1] Financial Performance - Core & Main reported third-quarter earnings per share (EPS) of $0.69, with revenue increasing 11.5$2.04 billion [1] - Adjusted EBITDA reached an all-time high of 277 million, surpassing consensus estimates [1] - Sales gains were primarily driven by acquisitions and higher end-market volumes [1] Outlook and Guidance - Core & Main raised its fiscal 2024 guidance, projecting net sales between 7.35 billion and $7.45 billion, and adjusted EBITDA between$915 million and $935 million [2] - This is an increase from previous estimates of$7.30 billion to $7.40 billion in sales and$900 million to $930 million in adjusted EBITDA [2] - The company's shares have risen approximately 38% this year [2]