Core & Main (CNM) shares lost ground Tuesday as the water and sewer infrastructure provider missed profit estimates and warned that it sees a "flat" market for the year.
Core & Main, Inc. (NYSE:CNM ) Q1 2025 Earnings Conference Call June 10, 2025 8:30 AM ET Company Participants Glenn Floyd - Corporate Participant Mark R. Witkowski - CEO & Director Robyn Bradbury - Chief Financial Officer Conference Call Participants Anthony James Pettinari - Citigroup Inc., Research Division Brian Biros - Thompson Research Group, LLC Collin Andrew Verron - Deutsche Bank AG, Res...
I downgraded Core & Main to hold due to macro uncertainty and a soft FY25 outlook, despite Q4-24 results being in line. Organic growth stalled with just 1.5% y/y in Q4-24; FY25 revenue guidance implies only 2-5% growth, significantly lower than FY24's 11%. Elevated SG&A costs from recent acquisitions hinder margin expansion, making earnings growth reliant on cost reductions, which seems unlikely.
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