Core & Main Boosts FY24 Sales Outlook As Q2 Results Top Estimates

(RTTNews) - 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 third quarter grew to $133 million or $0.69 per share from $113 million or $0.65 per share in the prior-year quarter.

Net sales for the quarter grew 11.5 percent to $2.04 billion from $1.83 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $1.99 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects net sales between $7.35 billion and $7.45 billion, up from the prior forecast range of $7.30 billion and $7.40 billion. The Street is looking for revenues of $7.34 billion for the year.

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