Shares of water, sewer and fire protection products distributor Core & Main, Inc. (CNM) are rising more than 5% Wednesday morning after reporting fourth-quarter results, better than the consensus view.
The company had net income of $48 million or $0.28 per share in the fourth quarter compared with breakeven earnings in the year-ago period, on revenue growth. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter.
Net sales for the quarter increased 50% year-over-year to $1.246 billion, driven by higher average selling prices and strong market volume growth. The consensus estimate was for $1.13 billion.
Steve LeClair, chief executive officer of Core & Main commented, “As we look across fiscal 2022, we expect net sales to grow in the high single to low double-digit range, with strong growth in the first half of the year but moderating in the second half with more difficult comparisons.”
CNM, currently at $25.64, has been trading in the range of $20-$32.54 in the past 52 weeks.
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