Core & Main Analysts Boost Their Forecasts After Q4 Results

Author: Avi Kapoor | March 20, 2024 08:37am

Core & Main, Inc. (NYSE:CNM) reported upbeat sales results for its fourth quarter on Tuesday.

Core & Main posted quarterly earnings of 34 cents per share, missing analysts’ estimates of 35 cents per share. The company’s quarterly sales came in at $1.44 billion, versus expectations of $1.43 billion, according to data from Benzinga Pro.

"Fiscal 2023 was an exceptional year for Core & Main given the extraordinary performance we achieved during the preceding two years and considering the softer market conditions that have followed," said Steve LeClair, chairman and chief executive officer of Core & Main. "Our teams navigated the dynamic environment to deliver strong financial performance, including net sales of over $6.7 billion, Adjusted EBITDA of $910 million and record operating cash flow of approximately $1.1 billion, providing us the capacity to make significant investments in organic and inorganic growth while returning capital to shareholders."

Core & Main said it expects 2024 net sales of $7.4 billion to $7.6 billion and adjusted EBITDA of $925 million to $975 million.

Core & Main shares gained 7.5% to close at $54.49 on Tuesday.

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

• Barclays raised the price target on Core & Main from $49 to $65. Barclays analyst Matthew Bouley maintained an Overweight rating.
• Loop Capital boosted the price target on Core & Main from $58 to $64. Loop Capital analyst Jeffrey Stevenson maintained a Buy rating.

 

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Posted In: CNM