Core & Main Earnings: Residential Market Headwinds Cloud the Outlook, but We See Over 20% Upside
Core & Main reported first-quarter sales of $1.9 billion, roughly flat with last year's sales figures. While acquisitions contributed about 1% of growth, volumes declined 1%. Still, the firm improved its adjusted EBITDA margin by 10 basis points to 11.8% and reaffirmed its prior full-year guidance.