Core & Main Expects Third-Quarter Sales of Up to $2.13 Billion
Key Facts
Core & Main on November 10 announced preliminary results for the third quarter of its fiscal 2026, which ended November 1, estimating sales of $2.12 billion to $2.13 billion. The company estimated net income of $128 million to $140 million and adjusted EBITDA of $267 million to $275 million. It said sales grew 3% year over year in a mixed demand environment, while preliminary earnings measures ranged below levels in the year-earlier period. The company said the figures were preliminary, unaudited estimates and subject to adjustment. The stock closed at $47.44 on November 10, according to EL7 data.
The year-over-year comparison puts revenue growth alongside weaker earnings performance. Sales in the third quarter of fiscal 2025 were about $2.062 billion, compared with the estimated range for the quarter ended November 1, 2026, and the company said sales growth was 3%. By contrast, estimated net income of $128 million to $140 million compared with $143 million in the year-earlier quarter. The company also estimated adjusted EBITDA of $267 million to $275 million, compared with $274 million in the year-earlier period. These preliminary estimates show a divergence between higher sales and lower earnings ranges relative to the prior-year figures, with final results still subject to completion of the disclosure.
The company attributed the impact on preliminary EBITDA to higher transportation costs and investment in new locations. It said municipal demand remained stable and acquisition contributions supported its outlook, but these were offset by weakness in residential land development and lighter-than-expected commercial activity. These factors link sales growth with pressure on adjusted earnings: revenue rose in a mixed demand environment, while transportation costs, investment and differing conditions across customer segments continued to affect performance. The company did not provide a separate estimate of each factor’s contribution to the EBITDA range in its disclosure. Chief Executive Mark Witkowski said the company continued to execute its strategy through acquisitions and internal investment.
On internal investment, Witkowski said Core & Main had opened a record number of new locations since the start of the fiscal year, reaching eight locations as of the announcement. These locations are among the investments the company said affected preliminary EBITDA, alongside higher transportation costs. Acquisitions also supported the company’s outlook, alongside weakness in residential land development and lighter commercial activity. The disclosure does not break out the impact of the eight locations on revenue or earnings, but places the network expansion within the execution path described by the chief executive. This reflects the company’s continued expansion of its footprint as different demand segments face varying conditions.
The company completed three acquisitions with combined annual revenue exceeding $250 million, according to its disclosure. The acquired companies operate in stormwater drainage, high-density polyethylene pipe and smart utility solutions. Core & Main said acquisition contributions were reflected in its quarterly outlook, without specifying each deal’s contribution to preliminary results. Combined annual revenue provides an indication of the scale of the businesses added through the deals, while their impact on quarterly results remains part of the preliminary figures the company said were subject to adjustment. According to its chief executive, the company’s strategy combines these deals with internal investment in new locations.
At the same time, the company recorded a quarterly record of $171 million in share repurchases during the third quarter of fiscal 2026. Purchases since the start of the year totaled about $428 million through the end of the quarter, with about $240 million remaining under the current authorization at the time of the announcement. These figures put the buybacks in the context of the company’s continued investment in locations and completion of acquisitions, during a period when estimates showed sales growth and pressure on earnings. The company reported these amounts alongside its preliminary results and business update, without linking them to a specific change in the stock price. The stock closed at $47.44 in the November 10 session.
Core & Main is scheduled to report full results for the third quarter of fiscal 2026 on December 8, 2026. Those results will replace the preliminary estimates the company announced on November 10, which it described as unaudited and subject to adjustment. Until the full disclosure is released, sales, net income and adjusted EBITDA remain within the announced ranges, while the company cites higher transportation costs and investment in locations, alongside weakness in some construction activities, as factors pressuring earnings. The scheduled date for final results also follows the fiscal period’s close on November 1, allowing investors to compare the reported figures with the quarter’s preliminary estimates.