<p>Core &amp; Main, Inc. A 类股（(CNM)）已举行其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>Core &amp; Main, Inc. A 类股的最新财报电话会议显示出利益相关者之间的情绪复杂。尽管公司庆祝了净销售增长、毛利率改善和战略投资等积极成就，但也面临着住宅市场疲软、PVC 管价格下跌和因通货膨胀导致的 SG&amp;A 费用增加等挑战。这种乐观与谨慎的平衡在整个讨论中显而易见。</p>
<h2>净销售增长</h2>
<p>Core &amp; Main 报告净销售 modest 增长 1%，达到 21 亿美元。这一增长主要归因于收购，约贡献了整体增长的一个百分点。这表明公司保持了稳定但缓慢的增长轨迹。</p>
<h2>毛利率改善</h2>
<p>公司实现了毛利率同比提高 60 个基点，达到 27.2%。这主要得益于自有品牌的举措以及严格的采购和定价执行，展示了公司的有效管理策略。</p>
<h2>强劲的现金流生成</h2>
<p>Core &amp; Main 强调其强劲的现金流生成，经营现金流达到 2.71 亿美元。这几乎是调整后 EBITDA 的 100% 转化，突显了公司的财务健康和运营效率。</p>
<h2>股票回购授权增加</h2>
<p>反映出对增长前景和自由现金流生成的信心，Core &amp; Main 宣布将股票回购授权增加 5 亿美元。这一举措表明对公司未来前景的强烈信心。</p>
<h2>市政市场的强劲</h2>
<p>市政项目仍然是 Core &amp; Main 的强项，得益于有利的资金环境。值得注意的是，德克萨斯州已授权 200 亿美元用于新的供水项目，突显了该领域的重大机会。</p>
<h2>成功的增长举措</h2>
<p>公司报告在产品举措方面实现了两位数的增长，如可熔接 HDPE、处理厂解决方案和土工合成材料。这些成功的增长举措突显了 Core &amp; Main 在创新和市场扩展方面的战略重点。</p>
<h2>拓展加拿大市场</h2>
<p>Core &amp; Main 完成了对加拿大水务公司的收购，标志着其进入 50 亿美元的加拿大市场。这一战略举措预计将增强公司的市场存在感和增长潜力。</p>
<h2>住宅市场疲软</h2>
<p>公司注意到住宅用地开发的疲软，特别是在佛罗里达州、德克萨斯州、亚利桑那州和乔治亚州等阳光带市场。这一趋势对 Core &amp; Main 在住宅领域的增长构成挑战。</p>
<h2>市政 PVC 管价格下降</h2>
<p>市政 PVC 管价格同比下降约 15%，较 2022 年的峰值下降近 40%。这一下降对公司维持该细分市场的收入构成挑战。</p>
<h2>SG&amp;A 费用增加</h2>
<p>总 SG&amp;A 费用增加 8%，达到 2.95 亿美元，主要受收购、高通胀、员工福利成本上升和战略投资的推动。这一费用的上升突显了公司面临的财务压力。</p>
<h2>通货膨胀压力</h2>
<p>Core &amp; Main 正面临通货膨胀压力，成本通胀趋向中低个位数，特别是在设施、车队和医疗成本方面。如果管理不当，这一趋势可能会影响公司的盈利能力。</p>
<h2>前瞻性指导</h2>
<p>在财报电话会议中，Core &amp; Main 提供了前瞻性指导，突显其战略重点和市场动态。公司预计全年净销售在 76 亿至 77 亿美元之间，调整后 EBITDA 在 9.2 亿至 9.4 亿美元之间，经营现金流在 5.5 亿至 6.1 亿美元之间。这些预测反映了对其战略举措和市场定位的信心。</p>
<p>总之，Core &amp; Main, Inc. A 类股的财报电话会议描绘了一幅谨慎乐观的图景。尽管公司在销售增长和战略投资方面取得了进展，但仍需应对市场疲软和通货膨胀压力等挑战。利益相关者可以对公司的强劲现金流和战略举措感到欣慰，这使其在未来增长中处于良好位置。</p>

<p>Core & Main, Inc. A 类股票的第三季度财报电话会议显示出混合的结果。公司报告净销售额增长 1%，毛利率改善 60 个基点，现金流生成强劲。然而，面临的挑战包括住宅市场疲软、PVC 管价格下跌以及由于通货膨胀导致的销售和管理费用增加。公司宣布增加 5 亿美元的股票回购授权，并扩展到加拿大市场。前瞻性指引预计全年净销售额为 76 亿至 77 亿美元，调整后的息税折旧摊销前利润（EBITDA）为 9.2 亿至 9.4 亿美元</p>

<p>Core &amp; Main, Inc. Class A ((CNM)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Core &amp; Main, Inc. A 类股（(CNM)）已举行其第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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</div><p>The recent earnings call for Core &amp; Main, Inc. Class A revealed a mixed sentiment among stakeholders. While the company celebrated positive achievements like net sales growth, gross margin improvements, and strategic investments, these were tempered by challenges such as a softening residential market, declining PVC pipe prices, and increased SG&amp;A expenses due to inflation. This balance of optimism and caution was evident throughout the discussion.</p>
<div class="lb-trans"><p>Core &amp; Main, Inc. A 类股的最新财报电话会议显示出利益相关者之间的情绪复杂。尽管公司庆祝了净销售增长、毛利率改善和战略投资等积极成就，但也面临着住宅市场疲软、PVC 管价格下跌和因通货膨胀导致的 SG&amp;A 费用增加等挑战。这种乐观与谨慎的平衡在整个讨论中显而易见。</p>
</div><h2>Net Sales Growth</h2>
<div class="lb-trans"><h2>净销售增长</h2>
</div><p>Core &amp; Main reported a modest increase in net sales by 1%, reaching $2.1 billion. This growth was primarily attributed to acquisitions, which contributed approximately one percentage point to the overall increase. This indicates a steady, albeit slow, growth trajectory for the company.</p>
<div class="lb-trans"><p>Core &amp; Main 报告净销售 modest 增长 1%，达到 21 亿美元。这一增长主要归因于收购，约贡献了整体增长的一个百分点。这表明公司保持了稳定但缓慢的增长轨迹。</p>
</div><h2>Gross Margin Improvement</h2>
<div class="lb-trans"><h2>毛利率改善</h2>
</div><p>The company achieved a 60 basis point improvement in gross margin year-over-year, reaching 27.2%. This was largely driven by private label initiatives and disciplined purchasing and pricing execution, showcasing the company’s effective management strategies.</p>
<div class="lb-trans"><p>公司实现了毛利率同比提高 60 个基点，达到 27.2%。这主要得益于自有品牌的举措以及严格的采购和定价执行，展示了公司的有效管理策略。</p>
</div><h2>Strong Cash Flow Generation</h2>
<div class="lb-trans"><h2>强劲的现金流生成</h2>
</div><p>Core &amp; Main highlighted its robust cash flow generation, with operating cash flow reaching $271 million. This nearly 100% conversion from adjusted EBITDA underscores the company’s financial health and operational efficiency.</p>
<div class="lb-trans"><p>Core &amp; Main 强调其强劲的现金流生成，经营现金流达到 2.71 亿美元。这几乎是调整后 EBITDA 的 100% 转化，突显了公司的财务健康和运营效率。</p>
</div><h2>Share Repurchase Authorization Increase</h2>
<div class="lb-trans"><h2>股票回购授权增加</h2>
</div><p>Reflecting confidence in its growth outlook and free cash flow generation, Core &amp; Main announced a $500 million increase to its share repurchase authorization. This move signals a strong belief in the company’s future prospects.</p>
<div class="lb-trans"><p>反映出对增长前景和自由现金流生成的信心，Core &amp; Main 宣布将股票回购授权增加 5 亿美元。这一举措表明对公司未来前景的强烈信心。</p>
</div><h2>Municipal Market Strength</h2>
<div class="lb-trans"><h2>市政市场的强劲</h2>
</div><p>Municipal projects remain a stronghold for Core &amp; Main, supported by a favorable funding environment. Notably, Texas has authorized $20 billion for new water supply projects, highlighting the significant opportunities in this sector.</p>
<div class="lb-trans"><p>市政项目仍然是 Core &amp; Main 的强项，得益于有利的资金环境。值得注意的是，德克萨斯州已授权 200 亿美元用于新的供水项目，突显了该领域的重大机会。</p>
</div><h2>Successful Growth Initiatives</h2>
<div class="lb-trans"><h2>成功的增长举措</h2>
</div><p>The company reported double-digit growth in product initiatives such as fusible HDPE, treatment plant solutions, and geosynthetics. These successful growth initiatives underscore Core &amp; Main’s strategic focus on innovation and market expansion.</p>
<div class="lb-trans"><p>公司报告在产品举措方面实现了两位数的增长，如可熔接 HDPE、处理厂解决方案和土工合成材料。这些成功的增长举措突显了 Core &amp; Main 在创新和市场扩展方面的战略重点。</p>
</div><h2>Expansion into Canadian Market</h2>
<div class="lb-trans"><h2>拓展加拿大市场</h2>
</div><p>Core &amp; Main completed the acquisition of Canada Waterworks, marking its expansion into the $5 billion Canadian market. This strategic move is expected to bolster the company’s market presence and growth potential.</p>
<div class="lb-trans"><p>Core &amp; Main 完成了对加拿大水务公司的收购，标志着其进入 50 亿美元的加拿大市场。这一战略举措预计将增强公司的市场存在感和增长潜力。</p>
</div><h2>Residential Market Softness</h2>
<div class="lb-trans"><h2>住宅市场疲软</h2>
</div><p>The company noted a softness in residential lot development, particularly in Sun Belt markets like Florida, Texas, Arizona, and Georgia. This trend poses a challenge to Core &amp; Main’s growth in the residential sector.</p>
<div class="lb-trans"><p>公司注意到住宅用地开发的疲软，特别是在佛罗里达州、德克萨斯州、亚利桑那州和乔治亚州等阳光带市场。这一趋势对 Core &amp; Main 在住宅领域的增长构成挑战。</p>
</div><h2>Decline in Municipal PVC Pipe Prices</h2>
<div class="lb-trans"><h2>市政 PVC 管价格下降</h2>
</div><p>Municipal PVC pipe prices have decreased by approximately 15% year-over-year and nearly 40% from their 2022 peak. This decline presents a challenge for the company in maintaining its revenue from this segment.</p>
<div class="lb-trans"><p>市政 PVC 管价格同比下降约 15%，较 2022 年的峰值下降近 40%。这一下降对公司维持该细分市场的收入构成挑战。</p>
</div><h2>SG&amp;A Expense Increase</h2>
<div class="lb-trans"><h2>SG&amp;A 费用增加</h2>
</div><p>Total SG&amp;A expenses increased by 8% to $295 million, driven by acquisitions, elevated inflation, higher employee benefits costs, and strategic investments. This rise in expenses highlights the financial pressures faced by the company.</p>
<div class="lb-trans"><p>总 SG&amp;A 费用增加 8%，达到 2.95 亿美元，主要受收购、高通胀、员工福利成本上升和战略投资的推动。这一费用的上升突显了公司面临的财务压力。</p>
</div><h2>Inflationary Pressures</h2>
<div class="lb-trans"><h2>通货膨胀压力</h2>
</div><p>Core &amp; Main is experiencing inflationary pressures, with cost inflation trending towards mid-single digits, particularly in facilities, fleet, and medical costs. This trend could impact the company’s profitability if not managed effectively.</p>
<div class="lb-trans"><p>Core &amp; Main 正面临通货膨胀压力，成本通胀趋向中低个位数，特别是在设施、车队和医疗成本方面。如果管理不当，这一趋势可能会影响公司的盈利能力。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>During the earnings call, Core &amp; Main provided forward-looking guidance that underscores its strategic focus and market dynamics. The company expects net sales between $7.6 billion and $7.7 billion, adjusted EBITDA of $920 million to $940 million, and operating cash flow of $550 million to $610 million for the full year. These projections reflect confidence in its strategic initiatives and market positioning.</p>
<div class="lb-trans"><p>在财报电话会议中，Core &amp; Main 提供了前瞻性指导，突显其战略重点和市场动态。公司预计全年净销售在 76 亿至 77 亿美元之间，调整后 EBITDA 在 9.2 亿至 9.4 亿美元之间，经营现金流在 5.5 亿至 6.1 亿美元之间。这些预测反映了对其战略举措和市场定位的信心。</p>
</div><p>In conclusion, the earnings call for Core &amp; Main, Inc. Class A painted a picture of cautious optimism. While the company is making strides in sales growth and strategic investments, it must navigate challenges like market softness and inflationary pressures. Stakeholders can take heart in the company’s strong cash flow and strategic initiatives, which position it well for future growth.</p>
<div class="lb-trans"><p>总之，Core &amp; Main, Inc. A 类股的财报电话会议描绘了一幅谨慎乐观的图景。尽管公司在销售增长和战略投资方面取得了进展，但仍需应对市场疲软和通货膨胀压力等挑战。利益相关者可以对公司的强劲现金流和战略举措感到欣慰，这使其在未来增长中处于良好位置。</p>
</div>

Core & Main 的收益电话会议表现不一：在挑战中实现增长