Core & Main, Inc. (NYSE: CNM) has announced its financial results for the fourth quarter and fiscal year ended February 2, 2025, comparing them with the corresponding periods in the previous year.
For the fiscal 2024 fourth quarter, net sales increased by 17.9% to $1,698 million, gross profit increased by 17.4% to $451 million with a gross profit margin of 26.6%, and adjusted EBITDA (non-GAAP) increased by 11.9% to $179 million. However, net income decreased by 11.8% to $67 million and diluted earnings decreased by 2.9% to $0.33 per share compared to the fiscal 2023 fourth quarter.
For the entire fiscal year 2024, net sales increased by 11.0% to $7,441 million, gross profit increased by 8.9% to $1,980 million with a gross profit margin of 26.6%, and adjusted EBITDA (non-GAAP) increased by 2.2% to $930 million. However, net income decreased by 18.3% to $434 million and diluted earnings per share decreased by 0.9% to $2.13 compared to fiscal 2023.
The company also reported that it repurchased $176 million of shares at an average per share price of approximately $44.31 during fiscal 2024.
During the three months ended February 2, 2025, net sales increased by $258 million, or 17.9%, to $1,698 million compared to the same period in the previous year. Gross profit for the same period increased by 17.4% to $451 million, while selling, general and administrative (“SG&A”) expenses increased by 21.3% to $279 million. Operating income increased by 6.9% to $124 million, but net income decreased by 11.8% to $67 million.
For the fiscal year ended February 2, 2025, net sales increased by $739 million, or 11.0%, to $7,441 million compared with the previous fiscal year. Gross profit increased by 8.9% to $1,980 million, but SG&A expenses increased by 15.8% to $1,078 million. Operating income decreased by 2.8% to $719 million, and net income decreased by 18.3% to $434 million.
In terms of liquidity and capital resources, net cash provided by operating activities decreased by $448 million to $621 million for fiscal 2024 compared with $1,069 million for fiscal 2023. Net debt as of February 2, 2025, was $2,275 million compared with $1,892 million as of January 28, 2024.
Looking ahead to fiscal 2025, the company provided guidance for net sales of $7,600 to $7,800 million, net sales growth of 2% to 5%, adjusted EBITDA (non-GAAP) of $950 to $1,000 million, adjusted EBITDA margin (non-GAAP) of 12.5% to 12.8%, and operating cash flow of $570 to $650 million.
Core & Main also announced a leadership transition, with Mark Witkowski succeeding Steve LeClair as the Chief Executive Officer. Robyn Bradbury will succeed Witkowski as Chief Financial Officer.
The company will host a conference call and webcast on March 25, 2025, to discuss the financial results. As a result of these announcements, the company's shares have moved 1.2% on the market, and are now trading at a price of $50.22. Check out the company's full 8-K submission here.
