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Core & Main Q4 Results Miss Estimates; Guides FY22 Revenues Above View
(RTTNews) - Core & Main, Inc. (CNM), a distributor of water, wastewater, storm drainage and fire protection products, reported on Tuesday that net income attributable to the company for the fourth quarter grew to $54 million or $0.31 per share from $48 million or $0.28 per share last year.
Net sales for the quarter increased 10.3 percent to $1.37 billion from $1.25 billion in the same quarter last year, driven by higher selling prices and acquisitions, partially offset by a mid single-digit volume decline.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share on revenues of $1.65 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead fiscal 2023, the company expects net sales between $6.455 billion and $6.875 billion. The Street is looking for revenues of $6.34 billion for the year.
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