Core & Main, Inc. (CNM) reported a decline in first-quarter profits compared to the previous year, falling short of Wall Street expectations.
The company posted earnings of $101 million, or $0.49 per share, for the quarter. In contrast, last year’s first-quarter earnings were $133 million, or $0.50 per share.
Analysts, according to Thomson Reuters, had projected earnings of $0.51 per share, excluding special items.
Despite the drop in profits, the company experienced a 10.8% increase in revenue, rising to $1.74 billion from $1.57 billion last year.
Summary of Core & Main, Inc.'s earnings (GAAP):
- **Earnings (Q1)**: $101 million vs. $133 million last year
- **EPS (Q1)**: $0.49 vs. $0.50 last year
- **Revenue (Q1)**: $1.74 billion vs. $1.57 billion last year
**Guidance**: The company forecasts full-year revenue to be between $7.5 billion and $7.6 billion.
