Weaker-than-expected results took some of the momentum out of this big winner. Expectations were sky-high for Core & Main (CNM -13.50%) coming into earnings. Unfortunately, the news did not match the hype. Shares of Core & Main traded down 14% as of 10:30 a.m. ET after the company missed top- and bottom-line expectations and cut full-year guidance. Rainy days dampen growth Core & Main is a distributor of water products used by municipalities, private water companies, and professional contractors. A big part ...

Core & Main (CNM) came out with quarterly earnings of $0.61 per share, missing the Zacks Consensus Estimate of $0.73 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -16.44%. A quarter ago, it was expected that this distributor of water and fire protection products would post earnings of $0.51 per share when it actually produced earnings of $0.49, delivering a surprise of -3.92%. O ...

财务业绩 - 公司第二季度收入为19.64亿美元，同比增长5.5%[10] - 公司第二季度净利润为1.19亿美元，同比增长8.2%[10] - 公司第二季度每股收益为0.61美元，同比增长7.0%[10] - 公司上半年收入为37.05亿美元，同比增长7.9%[10] - 公司上半年净利润为2.14亿美元，同比增长9.2%[10] 收购与整合 - 公司于2024财年上半年完成了5项收购交易，总交易价值6.23亿美元[39,40,41] - 公司2023财年完成了5项收购交易，总交易价值1.61亿美元[39,41] - 收购交易产生了1.95亿美元和300万美元的商誉，主要反映了预期的长期增长和新市场、客户及产品的价值[44] - 收购交易中获得的无形资产主要包括客户关系和商标，客户关系无形资产的加权平均摊销期限为10年，商标无形资产的加权平均摊销期限为5年[47] - 假设2023年1月30日完成Dana Kepner收购的pro forma财务信息显示，2023年7月30日和2024年7月28日的营业收入分别为36.04亿美元和37.34亿美元，净利润分别为2.92亿美元和2.28亿美元[49] 资产负债情况 - 公司于2024年7月28日的商誉余额为18.43亿美元，较2024年1月28日的15.61亿美元增加了2.82亿美元[52][53] - 公司于2024年7月28日的无形资产净值为9.54亿美元，较2024年1月28日的7.84亿美元增加了1.7亿美元[55] - 公司于2024年7月28日的长期债务余额为24.29亿美元，较2024年1月28日的18.78亿美元增加了5.51亿美元[58] - 公司于2024年7月28日的加权平均利率分别为7.34%和7.59%[59] - 公司预计未来5年内无形资产的年度摊销费用将在3800万美元左右[55] 融资与现金流 - 公司通过二次公开发行和回购交易完成了一系列股权变动[5,6,7,8,9] - 修订了资产抵押信贷融资的条款,将到期日从2026年7月27日延长至2029年2月9日[61] - 资产抵押信贷融资的借款额度为最高12.5亿美元,截至2024年7月28日和2024年1月28日分别有2.5亿美元和4.3亿美元未偿还[61] - 公司已签订两项利率掉期合约,分别于2024年2月12日和2024年7月27日到期,旨在降低浮动利率风险[64] - 公司预计未来12个月内将从其他综合收益中重新分类3900万美元的利率掉期收益[66] 税务与会计 - 公司2024财年第三季度和前六个月的有效税率分别为25.0%和24.8%,主要由于非控股权益占比下降[67] - 公司预计未来12个月内将支付1900万美元的税收返还协议款项[68] - 公司2024年7月28日的非控股权益占比为4.1%[77] - 公司与关联方签订了税收递延协议和交换协议,期间未发生重大变化[81] 其他 - 公司通过全国约350个分支机构在49个州为客户提供服务，产品包括管道、阀门、管件、排水产品、消防产品、仪表产品等[1] - 公司2024财年将包含53周，而2023财年为52周[32] - 公司未发现需要在简明合并财务报表中确认或披露的后续事项[82]

财务表现 - 第二季度净销售额增加5.5%至19.64亿美元[6] - 毛利润增加3.4%至5.18亿美元，毛利率下降50个基点至26.4%[7] - 净收入下降23.2%至1.26亿美元[8] - 每股摊薄收益下降7.6%至0.61美元[9] - 经调整EBITDA下降4.8%至2.57亿美元，经调整EBITDA利润率下降140个基点至13.1%[10] 收购与重组 - 在本季度及之后收购了5家新企业[2,3] - 公司管理团队进行了组织重组以增强实力[5] 现金流与资本配置 - 经营活动现金流转换率预计将提高至65%至75%[21] - 公司维持了资本配置策略，包括6月批准了5亿美元的股票回购计划[4] - 截至2024年7月28日的现金及现金等价物为1300万美元[35] - 公司第二季度经营活动现金流量为126百万美元，同比下降68.7%[36] - 公司第二季度资本支出为16百万美元，同比增加6.7%[36] - 公司第二季度总债务为2,452百万美元，净债务率为2.7倍[47] - 公司预计2024财年全年经营活动现金流转换率在53%-57%之间[41] 业务展望 - 预计全年净销售额将降至73亿至74亿美元区间，经调整EBITDA将降至9亿至9.3亿美元区间[21] - 公司第二季度净收入227百万美元，同比下降23.6%[36] - 公司第二季度调整后EBITDA为257百万美元，同比下降4.8%[43] - 公司预计2024财年全年调整后EBITDA在894-929百万美元之间[41] 其他 - 公司第二季度完成了596百万美元的业务收购[36] - 公司第二季度股权激励费用为4百万美元，同比增加33.3%[43] - 公司第二季度收购相关费用为2百万美元，同比无变化[43]

Core & Main, Inc. (CNM) is scheduled to release its second-quarter fiscal 2024 results on Sept. 4, before market open. CNM outpaced the Zacks Consensus Estimate in one of the four quarters, met in one, and missed in two instances, delivering a negative earnings surprise of 1.7%, on average. Q2 Expectations for Core & Main The Zacks Consensus Estimate for CNM's revenues is pegged at $7.5 billion, indicating an 11.4% increase from the year-ago quarter's actual.We anticipate robust end-market volumes and an ea ...

Core & Main (CNM) closed at $53.71 in the latest trading session, marking a +1.59% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.32%. Elsewhere, the Dow gained 0.16%, while the tech-heavy Nasdaq lost 0.85%. Heading into today, shares of the distributor of water and fire protection products had lost 1.23% over the past month, lagging the Business Services sector's gain of 0.64% and the S&P 500's gain of 1.52% in that time. The upcoming earnings release of Core & ...

In the latest trading session, Core & Main (CNM) closed at $50.55, marking a -0.69% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.2%. On the other hand, the Dow registered a loss of 0.15%, and the technology-centric Nasdaq decreased by 0.34%. Shares of the distributor of water and fire protection products witnessed a loss of 2.32% over the previous month, trailing the performance of the Business Services sector with its gain of 0.88% and the S&P 500's gain of 1 ...

Core & Main (CNM) closed the latest trading day at $47.53, indicating a -0.65% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.04% for the day. Meanwhile, the Dow experienced a rise of 0.76%, and the technology-dominated Nasdaq saw an increase of 1.03%. Prior to today's trading, shares of the distributor of water and fire protection products had lost 3.8% over the past month. This has was narrower than the Business Services sector's loss of 5.54% and ...

Investors will be eagerly watching for the performance of Core & Main in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.73, signifying a 10.61% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $2.03 billion, up 9.04% from the prior-year quarter. The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, wi ...

Core & Main (CNM) closed the latest trading day at $51.22, indicating a +0.75% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.55%. At the same time, the Dow added 0.62%, and the tech-heavy Nasdaq gained 0.63%. The distributor of water and fire protection products's shares have seen a decrease of 0.41% over the last month, not keeping up with the Business Services sector's gain of 0.56% and the S&P 500's gain of 4.28%. Investors will be eagerly ...