By Dean Seal
Core & Main is guiding for more sales growth in the fiscal year ahead despite expectations for muted demand growth.
The St. Louis-based distributor of water-related infrastructure products said it expects $7.6 billion to $7.8 billion in sales for the fiscal year that started Feb. 3, up from $7.44 billion in the prior fiscal year. Analysts polled by FactSet are forecasting $7.78 billion in sales.
Chief Financial Officer Mark Witkowski said the company is expecting overall industry demand to be between flat and slightly positive for the year, with modest growth in municipal repair and replacement activity.
Shares slid 4.2% to $47.54 in premarket trading.
For the fiscal fourth quarter that ended Feb. 2, Core & Main posted a profit of $64 million, up slightly from $63 million in the same period a year earlier.
Earnings were 33 cents a share, 3 cents shy of the consensus estimate of analysts surveyed by FactSet.
Sales rose almost 18% to $1.7 billion, ahead of analyst projections for $1.67 billion, according to FactSet.
The top line gain came primarily from acquisitions, higher volumes and the benefit of an extra selling week compared with the year-earlier quarter. Those offset slightly lower selling prices.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 25, 2025 07:55 ET (11:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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