Core & Main Earnings Call Transcripts
Fiscal Year 2027
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Q1 results were solid with flat sales, margin expansion, and strong cash flow, driven by municipal, data center, and treatment plant demand. Guidance for the year is reaffirmed, with growth expected to accelerate in H2 as backlogs release and end markets stabilize.
Fiscal Year 2026
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Delivered 16th consecutive year of sales growth, expanding gross margins and generating strong cash flow. Fiscal 2026 guidance anticipates stable municipal demand, flattish non-residential, and a mid-single digit decline in residential, with continued investments in growth and share repurchases.
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Q3 net sales rose 1% to $2.1B, with gross margin up 60 bps to 27.2% and adjusted EPS up 3%. Municipal and non-residential strength offset residential softness, while cost actions and private label growth supported margins. Full-year guidance was reaffirmed.
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Net sales grew 7% in Q2 2025, driven by municipal and non-residential strength, while residential demand weakened, prompting a lowered full-year outlook. Gross margin improved, but higher SG&A and inflation pressured margins. Strategic investments and M&A continue to support long-term growth.
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Record Q1 net sales and adjusted EBITDA were driven by strong municipal and non-residential demand, robust product initiatives, and market share gains. Guidance for FY2025 is reaffirmed, with flat to slightly positive pricing and margin improvement expected, despite macro uncertainties.
Fiscal Year 2025
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Leadership transition announced alongside record sales and EBITDA for fiscal 2024, driven by strong municipal demand, acquisitions, and private label growth. Fiscal 2025 guidance calls for continued sales and margin expansion, with a stable pricing environment and robust M&A pipeline.
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Record Q3 sales and strong cash flow were driven by organic growth and acquisitions, with stable end markets and robust municipal demand. Raised full-year guidance reflects confidence in continued growth, margin expansion, and capital deployment, supported by federal infrastructure funding.
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Net sales reached a record $1.96B, up 6% year-over-year, driven by acquisitions despite weather-related project delays and softer end market volumes. Guidance for 2024 was lowered, but gross margins are expected to stabilize, and M&A remains a key growth driver.
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Net sales grew 11% to $1.74B, driven by strong end market volumes and acquisitions. Gross margin declined to 26.9% due to higher inventory costs and competitive pressures, while net income fell to $101M. Fiscal 2024 guidance was raised, with M&A expected to contribute 7–8% of sales growth.