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