Why Core & Main Sank Today [Yahoo! Finance]
Core & Main, Inc. Class A (CNM)
Company Research
Source: Yahoo! Finance
The company reported earnings this morning, and while revenue came in ahead of expectations, the company's falling margins apparently left a bad taste in investors' mouths. Also, given that the stock was already up 39% on year heading into Tuesday, a mixed result wasn't enough to overcome expectations. Growth-by-acquisition not enough to overcome pricing normalization In the quarter, Core & Main saw revenue increase 10.6% to $1.74 billion, ahead of expectations. But the problem was that gross profits only rose 6.6%, and net income actually decreased by 2.4%. Like its peers, Core & Main saw a big increase in pricing for its products following the pandemic, but that pricing is normalizing now. So while the company is still growing, its bottom line has stalled. Furthermore, Core & Main is highly acquisitive, rolling up a fragmented industry providing water and wastewater pipes, meters, and other equipment. The many acquisitions Core & Main has executed recently have helped growth,
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News
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- Core & Main Announces $500 Million Share Repurchase AuthorizationBusiness Wire
- Company News for June 5, 2024 [Yahoo! Finance]Yahoo! Finance
CNM
Earnings
- 6/4/24 - Miss
CNM
Sec Filings
- 6/12/24 - Form 8-K
- 6/4/24 - Form 10-Q
- 6/4/24 - Form 8-K
- CNM's page on the SEC website