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Core & Main Boosts FY22 Outlook As Q2 Results Top Estimates
(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 second quarter soared to $115 million from $27 million last year. The company also reported earnings per share of $0.67 per share, compared to loss per share of $0.14 per share a year ago.
Net sales for the quarter surged 43.4 percent to $1.86 billion from $1.30 billion in the same quarter last year, driven by price inflation, volume growth and acquisitions.
On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share on revenues of $1.63 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, CEO Steve LeClair said, "We expect continued growth in the second half of the year despite the strong growth we achieved in the same period last year. We remain confident in the long-term stability of our business and end markets, as roughly 50% of our net sales is driven by non-discretionary repair & replacement activity."
The company is also raising its expectation for fiscal 2022 Adjusted EBITDA to be in the range of $840 million to $890 million.
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