Core & Main Q2 Net Income Declines

(RTTNews) - Core & Main Inc. (CNM) reported that its second quarter net income decreased 9.9%, to $164 million compared with $182 million, prior year. The company said the decrease in net income was primarily attributable to higher SG&A, interest expense and income taxes. The class A common stock earnings per share decreased to $0.66 from $0.67. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA decreased 2.5%, to $270 million.

Second quarter net sales were $1.86 billion, flat with a year ago. Analysts on average had estimated $1.88 billion in revenue.

The company narrowed its fiscal 2023 adjusted EBITDA guidance to be in the range of $850 to $880 million. The company now expects net sales to be in the range of $6.6 to $6.8 billion.

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