Core & Main Inc. (CNM) reported that its third quarter net income decreased 11.2% to $158 million. Earnings per share was $0.65, flat with prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.69, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA decreased 5.5% to $260 million.
Third quarter net sales increased 0.5% to $1.83 billion. Analysts on average had estimated $1.83 billion in revenue.
For fiscal 2023, the company narrowed expectation for net sales to be in the range of $6.65 to $6.75 billion. It also increased expectation for adjusted EBITDA to be in the range of $890 to $910 million.
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