Core & Main Q2 Results Miss Estimates, But Boosts FY24 Sales Outlook

(RTTNews) - Core & Main, Inc. (CNM), a distributor of water, wastewater, storm drainage and fire protection products, reported on Wednesday that net income attributable to the company for the second quarter grew to $119 million from $110 million last year. The company also reported earnings per share of $0.61 per share, down from $0.66 per share a year ago.

Net sales for the quarter grew 5.5 percent to $1.96 billion from $1.86 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share on revenues of $2.06 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects net sales between $7.3 billion and $7.4 billion, up from the prior forecast range of $7.5 billion and $7.6 billion. The Street is looking for revenues of $7.49 billion for the year.

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