Core & Main, Inc. (CNM) reported fiscal 2025 third‑quarter results that ended November 2, 2025, showing net sales of $2.062 billion, a 1.2% year‑over‑year increase that aligns with analyst expectations of $2.05–$2.06 billion. The company’s gross margin expanded to 27.2%, up 60 basis points from the same period last year, driven by a mix shift toward higher‑margin private‑label products and disciplined pricing initiatives.
Operating income fell to $220 million, a modest decline that reflects a slight compression in operating leverage amid higher input costs. Net income rose to $143 million, a 2.1% year‑over‑year gain, supported by a $3 million reduction in interest expense that lowered financing costs from $36 million to $33 million for the quarter.
Core & Main’s adjusted diluted earnings per share reached $0.89, beating the consensus estimate of $0.74 by $0.15, or 20.3%. The diluted EPS of $0.72 matched the average estimate of $0.72, indicating that the company’s core profitability remained in line with expectations while the adjusted metric highlighted strong cost control and margin expansion.
The company reaffirmed its full‑year fiscal 2025 outlook, maintaining guidance for net sales of $7.6 billion to $7.7 billion and adjusted EBITDA of $920 million to $940 million. Management cited continued demand in municipal and non‑residential segments, along with the integration of Canada Waterworks, as key drivers of the outlook’s stability.
CEO Mark Witkowski emphasized the company’s resilience, noting that “our business model is built for resilience” and that the quarter’s performance reflected “strong demand for our integrated solutions that address aging water infrastructure.” He added that the firm’s focus on private‑label initiatives and disciplined purchasing has been central to the margin expansion seen this year.
Investors and analysts highlighted the EPS beat and margin growth as primary positives, while noting the modest decline in operating income and the need for continued focus on cost discipline amid inflationary pressures. The reaffirmed guidance signals management’s confidence in sustaining growth and profitability through strategic acquisitions and operational efficiencies.
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