Core & Main, Inc. (CNM) Earnings Call Transcripts

Core & Main, Inc.'s Latest Earnings Call - Q1 FY2027

Core & Main, Inc. reported a solid start to fiscal Q1 2026, with net sales of $1.9 billion, adjusted EBITDA of $226 million, and adjusted diluted EPS of $0.72. The results were in line with expectations, reflecting disciplined execution amid a mixed demand environment. Management reaffirmed full-year guidance of $7.8 billion to $7.9 billion in net sales and $950 million to $980 million in adjusted EBITDA, indicating confidence in municipal market strength despite ongoing challenges in residential construction.

Reported metrics

Guidance from management

Management reaffirmed full-year guidance for net sales of $7.8 billion to $7.9 billion and adjusted EBITDA of $950 million to $980 million, reflecting confidence in municipal market strength despite residential challenges.

What management said

I would tell you in terms of the size, that's not as critical to how we think about it as it is additional capability that we provide the municipality to have another tool as we try to drive the demand of the overall meter upgrades and technology. So still, as you think about our meter product line, the meter, the software, the billing systems is a large chunk of the revenue pieces. But what we bring is a lot of othe...

Yes. Thanks, Brian. Yes, glad you pointed that out. We did add Susan Hardwick, former CEO of American Water to our Board. He's been a wonderful addition. She brings an incredible kind of customer perspective into our boardroom, and it's already adding I'd say, great value to our discussions. Nothing I would say it would change strategically what we're doing, but just adds a tremendous amount of credibility given her ...

What analysts pressed on

Analysts expressed concerns about the residential market's ongoing weakness and its impact on overall growth. There were also questions regarding the timing of project releases and the potential effects of macroeconomic uncertainties on demand.

Main topics on the call

• Municipal Demand Resilience — Municipal demand remains a core growth driver, supported by aging infrastructure and essential repair projects. Management stated, 'Approximately 95% of water infrastructure funding is supported by state and local source...
• Smart Utility and Treatment Plant Growth — Smart utility solutions and treatment plant initiatives delivered strong growth, with double-digit increases noted. Management highlighted, 'We see treatment plant solutions as one of our fastest-growing product initiati...
• Residential Market Challenges — The residential market remains weak, with year-over-year declines noted. Management commented, 'Residential markets remain challenged with year-over-year declines against the strong prior year comparison,' reflecting ong...
• Pricing Stability and Gross Margin Improvement — Gross margins improved by 50 basis points year-over-year, reaching 27.2%. Management noted, 'We expect for the remainder of the year for gross margins to kind of remain at this similar levels,' suggesting continued margi...

Read the full Core & Main, Inc. transcript (Q1 FY2027) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 20 Core & Main, Inc. earnings call transcripts on record, spanning December 7, 2021 to June 10, 2026. Based on this history, Core & Main, Inc. reports quarterly. The most recent call on file is dated June 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CNM

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Trading Companies and Distributors

Calls on record

20

First call

December 7, 2021

Most recent

June 10, 2026

Reporting cadence

quarterly