Core & Main Beats Q1 Earnings Expectations, Maintains 2026 Guidance
Core & Main reported first-quarter adjusted earnings per share of $0.72, exceeding analyst forecasts of $0.54, with revenue of $1.91 billion slightly above consensus. The specialty infrastructure distributor attributed strong performance to margin expansion and healthy municipal infrastructure demand. The company reaffirmed its full-year 2026 guidance for net sales growth of 2-3% and adjusted EBITDA of $950-980 million.
Core & Main delivered first-quarter results that exceeded market expectations, with adjusted EPS of $0.72 compared to forecasted $0.54 and revenue of $1.91 billion versus the $1.90 billion consensus estimate. Gross profit increased 2.0% year-over-year to $520 million, with gross margin improving 50 basis points to 27.2%, reflecting operational efficiency gains. The company maintained its fiscal 2026 guidance, projecting net sales between $7.80-7.90 billion (2-3% growth) and adjusted EBITDA of $950-980 million. Management attributed the strong quarter to continued municipal infrastructure demand driven by repair-and-replace activity and infrastructure investment, with double-digit growth in treatment plant solutions and high-single-digit growth in smart utility products. Core & Main also reduced net debt to $2.01 billion from $2.28 billion year-over-year, while continuing capital deployment through $88 million in share repurchases during the quarter and opening five new locations.
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Core & Main Tops First-Quarter Expectations and Maintains Full-Year Guidance (CNM)
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