Life

Avantor Slides 6% On Analyst Action

Core & Main Boosts FY22 Outlook As Q2 Results Top Estimates

Core & Main, Inc. (CNM), a distributor of water, wastewater, storm drainage and fire protection products, reported on Tuesday that net income attributable to the company for the second quarter soared to $115 million from $27 million last year. The company also reported earnings per share of $0.67 per share, compared to loss per share of $0.14 per share a year ago.

Net sales for the quarter surged 43.4 percent to $1.86 billion from $1.30 billion in the same quarter last year, driven by price inflation, volume growth and acquisitions.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share on revenues of $1.63 billion for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead, CEO Steve LeClair said, “We expect continued growth in the second half of the year despite the strong growth we achieved in the same period last year. We remain confident in the long-term stability of our business and end markets, as roughly 50% of our net sales is driven by non-discretionary repair & replacement activity.”

The company is also raising its expectation for fiscal 2022 Adjusted EBITDA to be in the range of $840 million to $890 million.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Markets Shudder on Higher-Than-Expected Inflation Numbers

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

S&P 500

Core & Main Rises 3% On Strong Q2 Results, Raised FY22 Outlook

Correction: The original headline and first paragraph read “FY23” and “Fiscal year 2023”, it has been corrected to “FY22” and “fiscal year 2022”.

Shares of Core & Main, Inc. (CNM), a distributor of water, sewer and fire protection products, are climbing 3 percent on Tuesday’s trading after the company reported higher second-quarter results and lifted its outlook for fiscal year 2022.

Core & Main’s net income attributable to the company for the second quarter soared to $115 million from $27 million last year. The company also reported earnings per share of $0.67 per share, compared to loss per share of $0.14 per share a year ago.

Net sales for the quarter surged 43.4 percent to $1.86 billion from $1.30 billion in the same quarter last year, driven by price inflation, volume growth and acquisitions.

The company also lifted its expectations for fiscal 2022 adjusted EBITDA to be in the range of $840 million to $890 million.

Currently at $26.00, the stock has traded between $20.00 and $32.54 during the past 52 weeks.

Comera Life Sciences Holdings Spikes 38%

Comera Life Sciences Holdings, Inc. (CMRA) shares are surging more than 47 percent on Tuesday morning trade, not supported by any corporate announcements.

Currently, shares are trading at $2.65, up 38.05 percent from the previous close of $1.92 on average volume of 22,525,823.

9 Great Godard Films to Stream Now

From the youthful New Wave excitement of “Breathless” to the experimental works of his old age, Godard changed cinema.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

By Noel Murray

IDEX Announces Acquisition Of Muon Group

IDEX Corp. (IEX) has agreed to acquire micro-precision technology manufacturing company Muon B.V. and its subsidiaries for cash consideration of 700 million euros. Based in the Netherlands, Muon manufactures highly precise flow paths in a variety of materials that enable the movement of various liquids and gases in critical applications for medical technologies, semiconductor, food processing, digital printing and filtration. IDEX expects the transaction to close in the fourth quarter.

Muon Group is privately held by Rivean Capital, a European mid-market private equity firm, which acquired the company in 2018.

European Economics Preview: Germany Economic Confidence, Final Inflation Data Due

Economic sentiment and final inflation from Germany and labor market statistics from the UK are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK monthly labor market statistics. The ILO jobless rate is forecast to remain unchanged at 3.8 percent in three months to July.

In the meantime, Destatis is scheduled to issue Germany’s final consumer and harmonized consumer prices for August. According to the flash estimate, consumer prices advanced 7.9 percent annually, the strongest since the winter of 1973-74. The statistical office is set to confirm the preliminary estimate.

At 2.30 am ET, the Federal Statistical Office releases Swiss producer price figures for August.

At 3.00 am ET, revised inflation data from Spain is due. Also, industrial production figures are due from Turkey.

At 4.00 am ET, Italy’s Istat is slated to issue unemployment data. The jobless rate is forecast to fall to 8.1 percent in the second quarter from 8.6 percent in the first quarter.

At 5.00 am ET, Germany’s ZEW economic confidence survey results are due. The economic sentiment index is forecast to fall to -60.0 in September from -55.3 in August.

Avantor Slides 6% On Analyst Action

Avantor, Inc. (AVTR) shares are declining more than 6 percent on Tuesday morning trade reaching a year-to-date low after reports of Barclays reducing its price target from $33.00 to $30.00.

Currently, shares are at $24.39, down 6.36 percent from the previous close of $26.04 on a volume of 2,636,836.