Core & Main Expects 2024 Net Sales Of $7.4B-$7.6B Vs. $7.15B Consensus; Sees Adjusted EBITDA Of $925M-$975M

Author: Benzinga Newsdesk | March 19, 2024 07:34am

Fiscal 2024 Outlook

• Net sales of $7,400 to $7,600 million

• Adjusted EBITDA (Non-GAAP) of $925 to $975 million

• Adjusted EBITDA margin (Non-GAAP) of 12.5% to 12.8%

• Operating Cash Flow Conversion (Non-GAAP) of 60% to 70% of Adjusted EBITDA

"We expect end market volumes to improve in fiscal 2024, providing a foundation for us to gain market share through the execution of our product, customer and geographic expansion initiatives," LeClair continued. "We expect the M&A we completed during and after the year to contribute 6% to 7% of our sales growth in fiscal 2024. We anticipate price contribution will be roughly flat for the year and we expect another 30 to 50 basis points of gross margin normalization from our fiscal 2023 fourth quarter results. Taken altogether, we expect net sales to range from $7.4 to $7.6 billion and we expect Adjusted EBITDA to range from $925 to $975 million. We expect to generate strong operating cash flow in fiscal 2024 and remain committed to deploying capital to initiatives that will result in accelerated growth or value creation for our shareholders."

Posted In: CNM