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May 04
Core & Main Q1 2025 Earnings Report
Core & Main reported record first quarter results for fiscal year 2025.
Key Takeaways
Core & Main announced a record first quarter for fiscal year 2025, with net sales increasing by 9.8% to $1,911 million and net income rising by 4.0% to $105 million. The company's performance was driven by higher volumes and acquisitions, particularly in pipes, valves & fittings, storm drainage, and meter products.
Net sales increased 9.8% to $1,911 million compared to the fiscal 2024 first quarter.
Gross profit increased 9.0% to $510 million, with a gross profit margin of 26.7%.
Net income increased 4.0% to $105 million.
Diluted earnings per share increased 6.1% to $0.52.
Core & Main
Core & Main
Core & Main Revenue by Segment
Revenue by Segment
Pipes, Valves & Fittings Revenue
CapyFin.comStorm Drainage Revenue
CapyFin.comMeter Products Revenue
CapyFin.comFire Protection Products Revenue
CapyFin.com Forward Guidance
Core & Main reaffirmed its full-year outlook for fiscal 2025, anticipating continued growth in net sales, Adjusted EBITDA, and operating cash flow.
Positive Outlook
- Net sales expected to be between $7,600 million and $7,800 million.
- Net sales growth projected at 2% to 5%, reflecting average daily sales growth of 4% to 7%.
- Adjusted EBITDA (Non-GAAP) forecasted to be between $950 million and $1,000 million.
- Adjusted EBITDA margin (Non-GAAP) expected to be 12.5% to 12.8%.
- Operating Cash Flow anticipated to be between $570 million and $650 million.
Challenges Ahead
- The fiscal year 2025 is a 52-week year compared to fiscal 2024 which was a 53-week year.
- The outlook does not include a reconciliation for estimated Adjusted EBITDA or Adjusted EBITDA margin to GAAP net income due to the high variability and difficulty in predicting certain excluded items like acquisition expenses.
- Factors that could cause actual results to differ from forward-looking statements include declines, volatility, and cyclicality in the U.S. residential and non-residential construction markets.
- Slowdowns in municipal infrastructure spending and delays in appropriations of federal funds could negatively impact results.
- Price fluctuations in product costs, including effects of tariffs, are a potential risk.
Revenue & Expenses
Visualization of income flow from segment revenue to net income