Core & Main Analysts Boost Their Forecasts Following Upbeat Q3 Earnings

Benzinga12-11 01:20

Core & Main Inc (NYSE:CNM) reported better-than-expected earnings for the third quarter on Tuesday.

Core & Main reported quarterly earnings of 89 cents per share which beat the analyst consensus estimate of 76 cents per share. The company reported quarterly sales of $2.062 billion which missed the analyst consensus estimate of $2.066 billion.

Core & Main affirmed FY2025 sales guidance of $7.600 billion to $7.700 billion.

Mark Witkowski, CEO of Core & Main, said, “We delivered positive net sales growth despite soft residential demand and a tough comparison from last year, driven by contribution from acquisitions and strong performance across our sales initiatives. Fusible high-density polyethylene, treatment plant solutions and geosynthetics products each achieved double-digit growth in the quarter, while our metering products returned to high single-digit growth, reflecting strong demand for our integrated solutions that address aging water infrastructure. We also advanced our geographic expansion strategy by opening new locations in Houston, Texas and Denver, Colorado, each being priority markets with attractive growth profiles.”

Core & Main shares rose 2.8% to trade at $52.99 on Wednesday.

These analysts made changes to their price targets on Core & Main following earnings announcement.

  • Baird analyst David Manthey maintained Core & Main with an Outperform rating and raised the price target from $62 to $64.
  • JP Morgan analyst Stephen Tusa maintained the stock with an Overweight rating and raised the price target from $58 to $59.

Considering buying CL stock? Here’s what analysts think:

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