12:00 PM EDT, 06/04/2024 (MT Newswires) -- (Updates to include Core & Main's ( CNM ) recent stock movement in the headline and first paragraph.)

Core & Main ( CNM ) shares were down more than 14% around midday Tuesday after the company posted a decline in fiscal Q1 earnings that also missed the average forecast from analysts polled by Capital IQ.

Core & Main ( CNM ) reported fiscal Q1 earnings of $0.49 per diluted share, down from $0.50 a year earlier. Analysts polled by Capital IQ expected $0.53.

Net sales for the fiscal quarter ended April 28 were $1.74 billion, up from $1.57 billion a year earlier. Analysts surveyed by Capital IQ expected $1.72 billion.

The company said it now expects fiscal 2024 net sales to range between $7.50 billion and $7.60 billion, compared with its earlier guidance range of $7.40 billion to $7.60 billion. Analysts surveyed by Capital IQ expect $7.47 billion.

Price: 47.94, Change: -8.16, Percent Change: -14.54