Core & Main Sees Growth In FY25 Adj. EBITDA, Sales; Names New CEO, Chair, CFO; Stock Down - Update

(RTTNews) - Core & Main, Inc. (CNM), a distributor of water, wastewater, storm drainage and fire protection products, on Tuesday issued fiscal 2025 outlook, expecting year-over-year growth.

Separately, the company announced the appointments of Mark Witkowski as chief executive officer, Steve LeClair as executive chair, and Robyn Bradbury as chief financial officer, all effective on March 31.

In pre-market activity on the NYSE, the shares were losing around 6.5 percent to trade at $46.40.

For the new 52-week year, the company projects adjusted EBITDA of $950 million to $1 billion, and adjusted EBITDA margin of 12.5% to 12.8%.

In the 53-week last year, adjusted EBITDA was $930 million.

Net sales for the year are projected to be $7.60 billion to $7.80 billion, a growth of 2% to 5%, reflecting average daily sales growth of 4% to 7%.

The Wall Street analysts estimate revenues of $7.78 billion for the year. Analysts' estimates typically exclude special items.

Witkowski, CFO of Core & Main, said, "As we enter fiscal 2025, we expect overall demand in our industry to be flat to slightly positive with modest growth in municipal repair and replacement activity."

In the management changes, LeClair, Core & Main's chief executive officer, will transition to the role of executive chair, where he will act as an advisor to the business.

Witkowski, Core & Main's current chief financial officer, will succeed LeClair as chief executive officer and become a member of the board.

Further, Bradbury, Core & Main's current senior vice president of finance and investor relations, will succeed Witkowski as chief financial officer.