Core & Main misses by $0.13, misses on revs; guides FY25 revs below consensus
- Reports Q2 (Jul) earnings of $0.61 per share, $0.13 worse than the FactSet Consensus of $0.74; revenues rose 5.5% year/year to $1.96 bln vs the $2.05 bln FactSet Consensus.
- Co issues downside guidance for FY25, sees FY25 revs of $7.30-7.40 bln vs. $7.48 bln FactSet Consensus. Co also lowers FY25 adjusted EBITDA guidance to $900-930 mln from $935-975 mln.
- Co lowers guidance to reflect significant weather disruptions in Q2 and its expectation that some of the growth anticipated in 2H will likely be pushed into 2025.
- "Pricing and gross margins have sustained well and are in line with our expectations through the first half of the year. As a result of lower-than-expected end market volumes, we are lowering our full year net sales range to $7.3 to $7.4 billion and are lowering our full year Adjusted EBITDA range to $900 to $930 million."
