Core & Main, Inc. (CNM) reported earnings for its first quarter that increased from the same period last year but missed the Street estimates.
The company's bottom line totaled $100 million, or $0.52 per share. This compares with $95 million, or $0.49 per share, last year.
Analysts on average had expected the company to earn $0.54 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 9.8% to $1.911 billion from $1.741 billion last year.
Core & Main, Inc. earnings at a glance (GAAP) :
-Earnings: $100 Mln. vs. $95 Mln. last year.
-EPS: $0.52 vs. $0.49 last year.
-Revenue: $1.911 Bln vs. $1.741 Bln last year.
Net sales increased primarily due to higher volumes and acquisitions. Net sales increased for pipes, valves and fittings, storm drainage, and meter products due to higher volumes and acquisitions.
Looking ahead, for the full year, the company has reaffirmed its outlook.
Core & Main still expects adjusted EBITDA of $950 million to $1 billion, with adjusted EBITDA margin of 12.5% to 12.8%, on sales of $7.600 billion to $7.800 billion, in line with analysts’ forecast of $7.75 billion.
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