Core & Main, Inc. Class A ( (CNM) ) has released its Q3 earnings. Here is a breakdown of the information Core & Main, Inc. Class A presented to its investors.
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Core & Main, Inc., headquartered in St. Louis, is a specialty distributor focused on water, wastewater, storm drainage, and fire protection products, providing solutions to municipalities, private water companies, and professional contractors across the U.S.
Core & Main has reported record results for the fiscal 2024 third quarter, with net sales rising to $2,038 million, an 11.5% increase from the same period last year. This growth is partly attributed to strategic acquisitions and higher end-market volumes.
Key financial highlights include a gross profit increase of 9.9% to $543 million and a rise in diluted earnings per share by 6.2% to $0.69. However, net income saw a decline of 11.4% to $140 million, primarily due to increased interest and income tax expenses. The company completed five acquisitions and repurchased $100 million worth of shares, emphasizing its strategic focus on expansion and shareholder value.
Looking ahead, Core & Main remains optimistic about its growth prospects, focusing on capitalizing on strategic opportunities. The company has raised its full-year outlook, expecting net sales between $7,350 million and $7,450 million, and Adjusted EBITDA between $915 million and $935 million, underlining confidence in its market position and continued value creation for stakeholders.
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