Core & Main Reports Q2 Earnings with Strong Performance in Fire Protection, Data Center Activity
Core & Main (CNM) reported second-quarter net sales of $2.1 billion for fiscal year 2026, representing a 2.5% increase driven by volume gains, price increases, and acquisitions. Adjusted EBITDA rose to $274 million with an adjusted margin of 12.8%, while adjusted diluted EPS increased by 8%. Fire protection revenue grew by 14%, supported by higher volumes from market share gains and steel pricing improvements. Data center activity doubled year-over-year, now contributing a mid-single-digit percentage to total sales. The company also saw double-digit growth in treatment plant solutions, expanding its segment's contribution to the overall mix. Despite these strengths, residential end-market revenue declined sharply due to challenges with lot development amid high interest rates and affordability concerns. Core & Main reaffirmed full-year guidance for 2026: net sales of $7.8 billion–$7.9 billion (up 2%–3%) and adjusted EBITDA between $950 million–$980 million with margins expected to range from 12.2%–12.4%. The company also executed a share repurchase program, spending $169 million on shares during the quarter.
Tickers: $CNM
Topics: ebitda eps financial_performance guidance sales_growth