10:25 AM EDT, 06/10/2026 (MT Newswires) -- Core & Main ( CNM ) reported fiscal first-quarter results above Wall Street's estimates on Wednesday, driven by strong municipal demand.

Adjusted earnings rose to $0.72 a share for the three months ended May 3 from $0.68 a year earlier, topping the FactSet-polled consensus of $0.70. Net sales were essentially flat at $1.91 billion as decreased volume was countered by acquisitions. Analysts were predicting $1.89 billion in revenue.

Core & Main ( CNM ) distributes water, sewer and fire protection products.

"Municipal demand remained strong during the quarter and continues to serve as a core source of growth for the business," Chief Executive Mark Witkowski said on a conference call, according to a FactSet transcript. "Activity is supported by aging water infrastructure, essential repair and replacement work, and the largely non-discretionary nature of municipal spending."

Non-residential demand saw momentum across data centers and manufacturing facilities, largely offset by softness in traditional commercial construction, Witkowski said.

"Residential markets remain challenged with year-over-year declines against a strong prior year comparison," Witkowski told analysts.

For fiscal 2026, the company continues to expect sales in a range of $7.80 billion to $7.90 billion, representing annual growth of 2% to 3% from the year-ago period. The current consensus on FactSet is for $7.85 billion. Adjusted earnings before interest, taxes, depreciation and amortization are pegged at $950 million to $980 million.

"Near-term activity will continue to be influenced by interest rates and affordability, but we remain optimistic on the long-term outlook given the structural undersupply of housing and meaningful pent-up demand," Witkowski told analysts.

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