earnings
confidence high
sentiment negative
materiality 0.75
Core & Main Q2 net income down 23%, EPS $0.61; sales up 5.5% to $1.96B
Core & Main, Inc.
2024-Q2 EPS reported
$1.11
revenue$3,705,000,000
- Net sales up 5.5% to $1,964M; net income down 23.2% to $126M; diluted EPS $0.61 (down 7.6%).
- Adjusted EBITDA decreased 4.8% to $257M; margin down 140 bps to 13.1%.
- Gross profit margin down 50 bps to 26.4%; SG&A up 12.6% to $268M driven by acquisitions.
- Acquired five businesses including HM Pipe Products (Canadian market entry); $500M share repurchase authorized.
- Meter initiative grew 48% YoY; project delays due to wet weather and lower end-market volumes.