Core & Main cuts 2024 outlook as Q2 sales rise 5.5% but net income falls 23.2%
Core & Main reported fiscal second-quarter 2024 net sales up 5.5% to $1.96 billion, helped by acquisitions, while net income fell 23.2% to $126 million and diluted EPS fell 7.6% to $0.61. The company lowered its full-year 2024 net sales and Adjusted EBITDA ranges, citing weather disruptions and lower end-market volumes, which matters to shareholders because it reduces the expected profit for the year.
Key points
- Q2 net sales rose 5.5% to $1.96 billion; gross margin fell to 26.4% from 26.9%.
- Full-year 2024 net sales range lowered to $7.3 to $7.4 billion; Adjusted EBITDA range lowered to $900 to $930 million.
- Operating cash flow conversion range raised to 65% to 75% of Adjusted EBITDA.
- Board approved a $500 million share repurchase program in June; net debt leverage was 2.7x as of July 28, 2024.
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 04, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.