Core & Main shares set for worst day in almost a year on downbeat forecast

Core & Main

06/09/2023 15:19

** Shares of water and storm drainage infrastructure
company, Core & Main  CNM.N  fall 5% to $30 after Q2 sales miss
estimates  
    ** Co on course for its biggest single-day percentage loss
in almost a year, if losses hold 
    ** CNM forecasts FY net sales in the range of $6.6 bln-$6.8
bln vs. previous estimate of $6.6 bln-$6.9 bln
    ** Co posts Q2 net sales at $1.86 bln, flat compared to
year-ago quarter, missing analyst estimates of $1.88 bln - LSEG
data 
    ** CNM reports earnings of 66 cents/shr compared to year-ago
earnings of 67 cents/shr 
    ** Co expects pockets of softness for new non-residential
projects in select markets to impact results
    ** CNM up 56% YTD 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))