Core & Main Q1 sales rise 10.6% to $1.74 billion; profit falls, outlook raised
Core & Main reported fiscal first-quarter 2024 net sales up 10.6% to $1,741 million, driven mainly by acquisitions, while net income fell 24.1% to $101 million and diluted EPS fell 2.0% to $0.49. The company narrowed and raised its fiscal 2024 forecast for net sales and Adjusted EBITDA, but higher interest and SG&A costs and debt that rose to 2.7x Adjusted EBITDA leave the profit trend weaker than sales growth.
- Net sales rose 10.6% to $1,741 million; net income fell 24.1% to $101 million
- Diluted EPS fell 2.0% to $0.49 from $0.50; Adjusted EBITDA fell 1.4% to $217 million
- Fiscal 2024 outlook now calls for net sales of $7.5 to $7.6 billion and Adjusted EBITDA of $935 to $975 million
- Net Debt Leverage was 2.7x as of April 28, 2024, up 1.0x from a year earlier; five acquisitions closed during and after the quarter