BUZZ-Core & Main gains after upbeat quarterly profit, share buyback hike

Reuters12-09 19:57
BUZZ-Core & Main gains after upbeat quarterly profit, share buyback hike

** Shares of water pipe distributor Core & Main CNM.N surge nearly 7.6% to about $54.4 premarket

** CNM beats Q3 profit estimates, driven by acquisitions and strong sales initiatives, despite soft residential demand

** Q3 adj. EPS of 89 cents, above analysts' estimate of 78 cents

** Q3 sales of $2.06 billion vs Wall St's estimate of $2.08 billion - data compiled by LSEG

** Co hikes share repurchase program by $500 million, bringing total authorization to $1 billion for Class A common stock

** 10 of 15 brokerages rate it "buy" or higher, four "hold" and one "sell"; median PT $61 - data compiled by LSEG

** As of last close, shares down 0.8% YTD

(Reporting by Megavarshini G. Somasundaram in Bengaluru)

((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))

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