Core & Main (CNM) Q3 FY2023 earnings: revenue $1.8 billion, up 0.5% on the year

Core & Main, Inc. (CNM) reported revenue of $1.8 billion for Q3 FY2023, the quarter ended 29 October 2023, up 0.5% on the same quarter a year earlier. Net income was $112 million, up 0.9% on the year, and diluted earnings per share $0.65. The figures are the company's own, from the 10-Q it filed with the SEC on 5 December 2023.

Revenue$1.8 billionup 0.5%

Net income$112 millionup 0.9%

Diluted EPS$0.65

QuarterQ3 FY2023ended 29 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,827	n/a	n/a	n/a
Cost of revenue	1,333	n/a	n/a	n/a
Gross profit	494	n/a	n/a	n/a
Gross margin	27.0%	n/a	n/a
Selling, general and administrative	240	n/a	n/a	n/a
Operating income	217	n/a	n/a	n/a
Operating margin	11.9%	n/a	n/a
Interest expense	20.0	n/a	n/a	n/a
Pre-tax income	197	n/a	n/a	n/a
Income tax	39.0	n/a	n/a	n/a
Effective tax rate	19.8%	n/a	n/a
Net income	112	n/a	n/a	n/a
Net margin	6.1%	n/a	n/a
Diluted EPS	$0.65	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	373	n/a	n/a	n/a
Capital expenditure	19.0	n/a	n/a	n/a
Free cash flow	354	n/a	n/a	n/a
Free cash flow margin	19.4%	n/a	n/a
Cash from investing	-18.0	n/a	n/a	n/a
Cash from financing	-274	n/a	n/a	n/a
Depreciation and amortisation	37.0	n/a	n/a	n/a
Share-based compensation	3.0	n/a	n/a	n/a
Buybacks	145	n/a	n/a	n/a
Diluted shares, weighted	225m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,769	n/a	n/a	n/a
Non-controlling interest	446	n/a	n/a	n/a
Debt	1,436	n/a	n/a	n/a
Operating lease liabilities	130	n/a	n/a	n/a
Other liabilities	1,286	n/a	n/a	n/a
Total liabilities and equity	5,067	n/a	n/a	n/a
Fixed assets	142	n/a	n/a	n/a
Goodwill	1,552	n/a	n/a	n/a
Intangible assets	782	n/a	n/a	n/a
Cash and equivalents	101	n/a	n/a	n/a
Receivables	1,132	n/a	n/a	n/a
Inventory	824	n/a	n/a	n/a
Other assets	534	n/a	n/a	n/a
Total assets	5,067	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,827	1,440	1,741	1,964	2,038	1,698	1,911	2,093	2,062	1,581	1,910	2,145
Cost of revenue	1,333	1,056	1,273	1,446	1,495	1,247	1,401	1,533	1,501	1,153	1,390	1,572
Gross profit	494	384	468	518	543	451	510	560	561	428	520	573
Gross margin	27%	27%	27%	26%	27%	27%	27%	27%	27%	27%	27%	27%
SG&A	240	230	257	268	274	279	293	302	295	264	299	301
Operating income	217	116	168	204	223	124	171	213	220	118	177	227
Operating margin	12%	8%	10%	10%	11%	7%	9%	10%	11%	7%	9%	11%
Interest expense	20.0	22.0	34.0	36.0	36.0	36.0	30.0	31.0	30.0	29.0	27.0	32.0
Pre-tax income	197	94.0	134	168	187	88.0	141	182	190	94.0	150	193
Tax rate	20%	19%	25%	25%	25%	24%	26%	23%	25%	22%	25%	22%
Net income	112	63.0	95.0	119	133	64.0	100	134	137	70.0	108	144
Net margin	6%	4%	5%	6%	7%	4%	5%	6%	7%	4%	6%	7%
Diluted EPS	$0.65	$0.34	$0.49	$0.61	$0.69	$0.33	$0.52	$0.70	$0.72	$0.37	$0.57	$0.77
Operating cash flow	373	294	78.0	48.0	260	235	77.0	34.0	271	268	82.0	62.0
Capital expenditure	19.0	5.0	7.0	9.0	8.0	11.0	13.0	10.0	8.0	15.0	14.0	18.0
Free cash flow	354	289	71.0	39.0	252	224	64.0	24.0	263	253	68.0	44.0
Buybacks	145	726	0.0	21.0	100	55.0	39.0	8.0	50.0	58.0	88.0	169
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 October 2023, filed 5 December 2023, accession 0001856525-23-000049: the filing on EDGAR. All of Core & Main, Inc.'s filings: EDGAR company page.

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