Core & Main, Inc. (CNM), a prominent distributor of water, wastewater, storm drainage, and fire protection products, announced on Wednesday that the company's net income for the second quarter increased to $119 million, up from $110 million in the same period last year. However, earnings per share (EPS) declined to $0.61, compared to $0.66 per share last year.
Net sales for the quarter saw a 5.5% increase, reaching $1.96 billion from $1.86 billion year-over-year.
Analysts surveyed by Thomson Reuters had, on average, anticipated earnings of $0.74 per share on revenues totaling $2.06 billion for the quarter. It is important to note that analysts' estimates generally exclude special items.
For fiscal year 2024, Core & Main now forecasts net sales to be in the range of $7.3 billion to $7.4 billion, a revision from the prior estimate of $7.5 billion to $7.6 billion. Market projections currently predict revenues of $7.49 billion for the year.
