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Core & Main (NYSE:CNM) Q3 2026 Earnings Call December 09, 2025 07:30 AM ET Company ParticipantsRobyn Bradbury - CFOGlenn Floyd - Director of Investor RelationsNigel Coe - Managing DirectorSam Reid - Executive Director of Equity ResearchMark Witkowski - CEOMatt Johnson - Associate Director of Equity ResearchJoe Ritchie - Managing DirectorPatrick Baumann - Managing DirectorConference Call ParticipantsMatthew Bouley - Senior Equity Research AnalystBrian Biros - Equity AnalystDavid Manthey - Senior Research Ana ...

Core & Main (NYSE:CNM) Q3 2026 Earnings Call December 09, 2025 07:30 AM ET Speaker0Hello and welcome to the Core & Main Q3 2025 earnings call. My name is Alex, and I'll be coordinating today's call. If you'd like to ask a question at the end of the presentation, please press star followed by one on your telephone keypad. I'll now hand it over to Glenn Floyd, Director of Investor Relations. Please go ahead.Speaker2Good morning, and thank you for joining us. I'm Glenn Floyd, Director of Investor Relations at ...

Fiscal 2025 Third Quarter Results December 9, 2025 CAUTIONARY STATEMENTS Cautionary Note Regarding Forward-Looking Statements This presentation and accompanying discussion may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, all statements other than statements of historical or current facts relating to our intentions, beliefs, assumptions or current expectations concerning, among other th ...

Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 2, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-40650 Core & Main, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...

Financial Performance - Net sales increased 1.2% to $2,062 million compared to $2,038 million in the same quarter last year, driven primarily by acquisitions[7] - Gross profit rose 3.3% to $561 million, with a gross profit margin of 27.2%, up from 26.6% in the prior year[9] - Net income increased 2.1% to $143 million, attributed to a decrease in interest expense[12] - Adjusted EBITDA decreased 1.1% to $274 million, impacted by higher SG&A expenses[14] - Operating income decreased 1.3% to $220 million, primarily due to higher SG&A expenses[11] - Net income attributable to Core & Main, Inc. for the third quarter was $137 million, compared to $133 million in the same quarter last year, resulting in diluted earnings per share of $0.72[40] - Adjusted EBITDA for the nine months ended November 2, 2025, was $764 million, up from $751 million for the same period in 2024, reflecting a 1.7% growth[50] - Adjusted Diluted Earnings Per Share for the three months ended November 2, 2025, was $0.89, compared to $0.86 for the same period in 2024, indicating a 3.5% increase[53] - EBITDA for the three months ended November 2, 2025, was $267 million, slightly down from $269 million for the same period in 2024, a decrease of 0.7%[50] Expenses and Costs - SG&A expenses increased 7.7% to $295 million, representing 14.3% of net sales, up from 13.4% in the previous year[10] - The company reported capital expenditures of $31 million for the nine months ended November 2, 2025, compared to $24 million in the prior year[44] - Equity-based compensation for the nine months ended November 2, 2025, was $14 million, compared to $11 million for the same period in 2024, reflecting a 27.3% increase[50] Debt and Cash Management - Net debt decreased to $2,083 million from $2,420 million as of the same date last year, due to lower borrowings[25] - Long-term debt decreased to $2,129 million from $2,237 million since the beginning of the fiscal year[42] - Total Debt as of November 2, 2025, was $2,172 million, down from $2,430 million as of October 27, 2024[55] - Net Debt decreased to $2,083 million as of November 2, 2025, from $2,420 million as of October 27, 2024, showing a reduction of 14%[55] - Cash and cash equivalents at the end of the period were $89 million, significantly higher than $8 million at the beginning of the period[44] - Net cash provided by operating activities for the nine months ended November 2, 2025, was $382 million, compared to $386 million for the same period last year[44] Strategic Acquisitions - Core & Main completed the acquisition of Canada Waterworks on September 30, 2025[7] - The company continues to focus on strategic acquisitions, with $32 million spent on acquisitions net of cash acquired during the nine months ended November 2, 2025[44] - The company expects variability in acquisition expenses to significantly impact future GAAP financial results, indicating potential unpredictability in earnings[49] Future Outlook - For fiscal 2025, the company expects net sales of $7,600 to $7,700 million, with adjusted EBITDA of $920 to $940 million[30] - Total assets increased to $6,300 million as of November 2, 2025, up from $5,870 million at the end of the previous fiscal year[42] Non-GAAP Measures - The company emphasizes the importance of non-GAAP financial measures like Adjusted EBITDA and Adjusted Diluted Earnings Per Share for evaluating performance, despite their limitations[48] - The amortization of intangible assets for the three months ended November 2, 2025, was $0.19 per share, consistent with the same period in 2024[53]

Core Points - Core & Main, Inc. reported a net sales increase of $24 million, or 1.2%, to $2,062 million for the third quarter ended November 2, 2025, compared to $2,038 million for the same period in the previous year, primarily driven by acquisitions [7][9] - The company achieved a gross profit increase of $18 million, or 3.3%, to $561 million, with a gross profit margin of 27.2% compared to 26.6% in the prior year [8][9] - Net income rose by $3 million, or 2.1%, to $143 million, while diluted earnings per share increased by 4.3% to $0.72 [12][13] Financial Performance - Net sales for the nine months ended November 2, 2025, increased by $323 million, or 5.6%, to $6,066 million, attributed to higher volumes and acquisitions [16] - Gross profit for the nine months increased by $102 million, or 6.7%, to $1,631 million, with a gross profit margin of 26.9% [17] - Selling, general and administrative (SG&A) expenses for the nine months rose by $91 million, or 11.4%, to $890 million, with SG&A as a percentage of net sales at 14.7% [18] Operational Highlights - The company opened new locations in Houston, Texas, and Denver, Colorado, which are priority markets with attractive growth profiles [4][9] - Core & Main completed the acquisition of Canada Waterworks on September 30, 2025, enhancing its market position [9] - The company implemented $30 million of annualized cost savings while continuing to invest in growth initiatives [5] Cash Flow and Debt Management - Net cash provided by operating activities was $382 million for the nine months ended November 2, 2025, compared to $386 million for the same period in the previous year [24] - As of November 2, 2025, net debt decreased to $2,083 million from $2,420 million as of October 27, 2024, primarily due to lower borrowings on the senior asset-based revolving credit facility [25][49] - The company had no outstanding borrowings on its Senior ABL Credit Facility as of November 2, 2025, allowing for significant borrowing capacity [26] Future Outlook - Core & Main reaffirms its full-year fiscal 2025 outlook, projecting net sales of $7,600 to $7,700 million and adjusted EBITDA of $920 to $940 million [28]

ST. LOUIS--(BUSINESS WIRE)--Core & Main Announces $500 Million Increase to Share Repurchase Authorization. ...

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Group 1 - Core & Main's stock closed at $50.00, reflecting a +2.08% change from the previous day's closing price, outperforming the S&P 500's daily gain of 0.3% [1] - The stock has decreased by 4.45% over the past month, underperforming compared to the Industrial Products sector's loss of 0.68% and the S&P 500's loss of 0.06% [1] Group 2 - Core & Main is set to announce its earnings on December 9, 2025, with analysts expecting earnings of $0.72 per share, indicating a year-over-year growth of 4.35% [2] - The consensus estimate projects revenue of $2.08 billion, reflecting a 2.03% increase from the same quarter last year [2] Group 3 - Full-year Zacks Consensus Estimates predict earnings of $2.24 per share and revenue of $7.67 billion, representing year-over-year changes of +5.16% and +3.02%, respectively [3] Group 4 - Recent modifications to analyst estimates for Core & Main indicate changing near-term business trends, with upward revisions suggesting analysts' positive outlook on the company's operations and profit generation [4] Group 5 - Empirical research shows a direct correlation between estimate revisions and stock price performance, allowing investors to leverage the Zacks Rank for actionable insights [5] Group 6 - The Zacks Rank system, ranging from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with 1 ranked stocks yielding an average annual return of +25% since 1988; Core & Main currently holds a Zacks Rank of 3 (Hold) [6] Group 7 - Core & Main is trading at a Forward P/E ratio of 21.83, which is a premium compared to the industry average Forward P/E of 19.98; the company also has a PEG ratio of 1.92, aligning with the industry average [7] Group 8 - The Manufacturing - Tools & Related Products industry, part of the Industrial Products sector, holds a Zacks Industry Rank of 30, placing it in the top 13% of over 250 industries, indicating strong performance potential [8]