Core & Main, Inc. Q2 Profit Increases, Beats Estimates

(RTTNews) - Core & Main, Inc. (CNM) released earnings for its second quarter that Increased from last year and beat the Street estimates.

The company's earnings came in at $134 million, or $0.70 per share. This compares with $119 million, or $0.61 per share, last year.

Excluding items, Core & Main, Inc. reported adjusted earnings of $0.87 per share for the period.

Analysts on average had expected the company to earn $0.79 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 6.6% to $2.093 billion from $1.964 billion last year.

Core & Main, Inc. earnings at a glance (GAAP) :

-Earnings: $134 Mln. vs. $119 Mln. last year. -EPS: $0.70 vs. $0.61 last year. -Revenue: $2.093 Bln vs. $1.964 Bln last year.

Mark Witkowski, CEO of Core & Main, said: "We achieved roughly 7% net sales growth in the second quarter and our balanced end market exposure served us well, with strength in municipal demand and stability in non-residential demand helping to offset softness in residential lot development.”

Citing higher operating expenses and weak residential demand, the company has slashed its annual outlook.

For fiscal 2025, Core & Main now anticipates adjusted EBITDA of $920 million (mln) to $940 mln, compared with the earlier guidance of $950 mln to $1 billion (bln).

Core & Main now projects annual sales of $7.600 bln to $7.700 bln against the earlier outlook of $7.600 bln to $7.800 bln. Analysts, on average, forecast the firm to post revenue of $7.78 bln.

CNM was down by 17.40% at $54.97 in the pre-market trade on the New York Stock Exchange.