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Core & Main Q2 Results Mixed, Organic Growth Limited, Truist Says

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Core & Main's (CNM) Q2 results were mixed relative to Street expectations, with limited organic growth despite some progress in selling, general and administrative costs, Truist Securities said Wednesday in a note.

The stock has been particularly weak the last several months amid soft mergers and acquisition activity and end-market weakness.

Core & Main reiterated guidance for the new fiscal year. The company expects revenue between $7.8 billion and $7.9 billion, versus Street expectations of $7.84 billion. It expects adjusted EBITDA between $950 million and $980 million, compared with Street estimates of $970 million.

Management noted positive municipal demand, along with capital projects and fire protection, with some organic growth seen in the quarter, according to the note.

Truist maintained a hold rating on Core & Main with a $50 price target.

Shares of the company were down more than 5% in Wednesday trading.

Price: $41.71, Change: $-2.36, Percent Change: -5.34%

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