Core & Main Lowered 2024 Outlook: Now Expects Net Sales Of $7.3B-$7.4B (Prior $7.5B-$7.6B) Vs. $7.53B Consensus; Adjusted EBITDA Of $900M-$930M (Prior $935M-$975M)
Portfolio Pulse from Benzinga Newsdesk
Core & Main has revised its 2024 financial outlook due to weather disruptions and lower-than-expected market volumes. The company now expects net sales of $7.3B-$7.4B and adjusted EBITDA of $900M-$930M, down from previous estimates. Despite these challenges, Core & Main remains optimistic about long-term demand and has improved its operating cash flow conversion range.
September 04, 2024 | 11:34 am
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Core & Main has lowered its 2024 financial outlook due to weather disruptions and lower market volumes, now expecting net sales of $7.3B-$7.4B and adjusted EBITDA of $900M-$930M. The company remains optimistic about long-term demand.
The revision of Core & Main's financial outlook indicates a negative short-term impact on its stock price due to lower-than-expected sales and EBITDA. However, the company's optimism about long-term demand may mitigate some negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100