Core & Main, Inc. (CNM) Q3 2024 Earnings Call Transcript

For the period ending Octobor 27, 2024

December 3, 2024 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to the Core & Main Q3 2024 Earnings Call. My name is Alex. I'll be ordinating the call today. [Operator Instructions]

I'll now hand over to your host, Robyn Bradbury, to begin. Please go ahead.

Robyn Bradbury

Thank you. Good morning, everyone. This is Robyn Bradbury, Senior Vice President of Finance and Investor Relations for Core & Main. We are happy to have you join us this morning for our fiscal 2024 third quarter earnings call.

I am joined today by Steve LeClair, our Chair and Chief Executive Officer; and Mark Witkowski, our Chief Financial Officer. Steve will lead today's call with a business update and an overview of our recent acquisitions. Mark will then discuss our third quarter financial results and updated fiscal 2024 outlook followed by a Q&A session. We will conclude the call with Steve's closing remarks.

We issued our earnings press release this morning and posted a presentation to the Investor Relations section of our website. Our press release, presentation and the statements made during this call may 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 in assessing 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 Chair and Chief Executive Officer, Steve LeClair.

Steve LeClair

Thanks, Robyn. Good morning, everyone, and thank you for joining us today for our fiscal 2024 third quarter earnings call. Our team delivered strong performance with record quarterly sales of over $2 billion and adjusted EBITDA of $277 million. We have once again shown that Core & Main can grow in any environment. Our ongoing focus on driving organic market share gains, combined with our disciplined approach to M&A, enabled us to achieve nearly 12% sales growth in the third quarter. We will discuss our results in more detail later in our prepared remarks.