Core & Main, Inc. (NYSE:CNM) Q1 2023 Earnings Conference Call June 6, 2023 8:30 AM ET

Company Participants

Robyn Bradbury - Vice President, Finance, and Investor Relations

Steve LeClair - Chief Executive Officer

Mark Witkowski - Chief Financial Officer

Conference Call Participants

Kathryn Thompson - Thompson Research Group

Michael Dahl - RBC Capital Market

Joe Ritchie - Goldman Sachs

Asher Sohnen - Citigroup

David Ridley-Lane - Bank of America

Operator

Good morning everyone and welcome to the Core & Main First Quarter 2023 Earnings Call. My name is Karla, and I will be coordinating your call today. [Operator Instructions]

I would now hand you over to the management team to begin. Please go ahead.

Robyn Bradbury

Thank you. Good morning, everyone. This is Robyn Bradbury, Vice President of Finance and Investor Relations for Core & Main. Core & Main is a leader in advancing reliable infrastructure with local service nationwide. We are thrilled to have you join us this morning for our first quarter earnings call.

I am joined today by Steve LeClair, our Chief Executive Officer and Mark Witkowski, our Chief Financial Officer. Steve will lead today's call with a business update followed by an overview of our recent acquisitions. Mark will then discuss our first quarter financial results and full-year outlook followed by a Q&A session. We will conclude the call with Steve's closing remarks.

We issued our first quarter earnings press release this morning and posted a presentation to the Investor Relations section of our website. As a reminder, our press release, presentation, and the statements made during this call include forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in our earnings press release and in our filings with the Securities and Exchange Commission.

We will also discuss certain non-GAAP financial measures, which we believe are useful to assess the operating results of our business. A reconciliation of these measures can be found in our earnings press release and in the appendix of our investor presentation.

Thank you for your interest in Core & Main. I will now turn the call over to Chief Executive Officer, Steve LeClair.

Steve LeClair

Thanks, Robyn. Good morning, everyone. Thank you for joining us today, we're excited to share our results with you. Starting on Page 5 of the presentation, first quarter net sales finished in line with our expectations, reflecting a return to more typical seasonality for the first quarter. Our sales grew 25% in the first quarter of fiscal 2021 and another 52% in the first quarter of last year. This makes year-over-year comparisons tough, especially when confronted with disruptive weather in some of our major markets.