Core & Main Q1 Earnings Call Highlights

3 days ago 6

MarketBeat

Wed, June 10, 2026 astatine 9:05 AM CDT 8 min read

Key Points

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Core & Main reaffirmed fiscal 2026 guidance aft a archetypal 4th that showed dependable income and humble nett growth. Net income were $1.9 billion, adjusted EBITDA roseate to $226 million, and adjusted EPS accrued 6% to $0.72.
Municipal request remained the company’s main maturation engine, driven by aging h2o infrastructure, repair and replacement activity, and non-discretionary spending. Management said it does not expect a national backing “cliff” from infrastructure programs due to the fact that authorities and section backing remains the ascendant source.
Residential markets stayed weak, but non-residential and specialty areas were much resilient. Data centers, manufacturing, occurrence protection, astute utility, and attraction works projects helped offset softness successful accepted residential and commercialized construction.

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Core & Main (NYSE:CNM) reaffirmed its fiscal 2026 outlook aft reporting first-quarter results that absorption said reflected resilient municipal demand, disciplined pricing and borderline initiatives, contempt continued unit successful residential batch development.

The water, wastewater, tempest drainage and occurrence extortion products distributor reported first-quarter nett income of $1.9 billion, astir successful enactment with the anterior year. Adjusted EBITDA was $226 million, up 1% twelvemonth implicit year, portion adjusted diluted net per stock roseate astir 6% to $0.72 from $0.68 a twelvemonth earlier.

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Chief Executive Officer Mark Witkowski said the institution delivered “a coagulated commencement to fiscal 2026,” citing “disciplined execution and the underlying resilience” of the business. He said the results enactment the full-year outlook Core & Main issued successful March.

Municipal Demand Remains Core Growth Driver

Witkowski said municipal request remained beardown during the 4th and continues to beryllium a “core root of growth” for Core & Main. He pointed to aging h2o infrastructure, repair and replacement activity, and the mostly non-discretionary quality of municipal spending arsenic cardinal drivers.

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Management emphasized that municipal h2o infrastructure backing is mostly local. Witkowski said astir 95% of h2o infrastructure backing is supported by authorities and section sources, reinforcing what helium described arsenic the durable quality of the market.

Chief Financial Officer Robyn Bradbury said municipal volumes were supported by repair and replacement activity, non-discretionary projects and continued stock gains successful astute inferior and attraction works initiatives. In effect to an expert question astir the Infrastructure Investment and Jobs Act, Bradbury said remaining backing is expected to travel into authorities revolving funds this year, but added that the institution does not spot a backing “cliff,” due to the fact that overmuch of the wealth remains disposable for municipalities and due to the fact that authorities and section backing remains the ascendant root of h2o infrastructure investment.

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