<p>Core &amp; Main, Inc. A 類股（(CNM)）已舉行其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>Core &amp; Main, Inc. A 類股的最新財報電話會議顯示出利益相關者之間的情緒複雜。儘管公司慶祝了淨銷售增長、毛利率改善和戰略投資等積極成就，但也面臨着住宅市場疲軟、PVC 管價格下跌和因通貨膨脹導致的 SG&amp;A 費用增加等挑戰。這種樂觀與謹慎的平衡在整個討論中顯而易見。</p>
<h2>淨銷售增長</h2>
<p>Core &amp; Main 報告淨銷售 modest 增長 1%，達到 21 億美元。這一增長主要歸因於收購，約貢獻了整體增長的一個百分點。這表明公司保持了穩定但緩慢的增長軌跡。</p>
<h2>毛利率改善</h2>
<p>公司實現了毛利率同比提高 60 個基點，達到 27.2%。這主要得益於自有品牌的舉措以及嚴格的採購和定價執行，展示了公司的有效管理策略。</p>
<h2>強勁的現金流生成</h2>
<p>Core &amp; Main 強調其強勁的現金流生成，經營現金流達到 2.71 億美元。這幾乎是調整後 EBITDA 的 100% 轉化，突顯了公司的財務健康和運營效率。</p>
<h2>股票回購授權增加</h2>
<p>反映出對增長前景和自由現金流生成的信心，Core &amp; Main 宣佈將股票回購授權增加 5 億美元。這一舉措表明對公司未來前景的強烈信心。</p>
<h2>市政市場的強勁</h2>
<p>市政項目仍然是 Core &amp; Main 的強項，得益於有利的資金環境。值得注意的是，德克薩斯州已授權 200 億美元用於新的供水項目，突顯了該領域的重大機會。</p>
<h2>成功的增長舉措</h2>
<p>公司報告在產品舉措方面實現了兩位數的增長，如可熔接 HDPE、處理廠解決方案和土工合成材料。這些成功的增長舉措突顯了 Core &amp; Main 在創新和市場擴展方面的戰略重點。</p>
<h2>拓展加拿大市場</h2>
<p>Core &amp; Main 完成了對加拿大水務公司的收購，標誌着其進入 50 億美元的加拿大市場。這一戰略舉措預計將增強公司的市場存在感和增長潛力。</p>
<h2>住宅市場疲軟</h2>
<p>公司注意到住宅用地開發的疲軟，特別是在佛羅里達州、德克薩斯州、亞利桑那州和喬治亞州等陽光帶市場。這一趨勢對 Core &amp; Main 在住宅領域的增長構成挑戰。</p>
<h2>市政 PVC 管價格下降</h2>
<p>市政 PVC 管價格同比下降約 15%，較 2022 年的峯值下降近 40%。這一下降對公司維持該細分市場的收入構成挑戰。</p>
<h2>SG&amp;A 費用增加</h2>
<p>總 SG&amp;A 費用增加 8%，達到 2.95 億美元，主要受收購、高通脹、員工福利成本上升和戰略投資的推動。這一費用的上升突顯了公司面臨的財務壓力。</p>
<h2>通貨膨脹壓力</h2>
<p>Core &amp; Main 正面臨通貨膨脹壓力，成本通脹趨向中低個位數，特別是在設施、車隊和醫療成本方面。如果管理不當，這一趨勢可能會影響公司的盈利能力。</p>
<h2>前瞻性指導</h2>
<p>在財報電話會議中，Core &amp; Main 提供了前瞻性指導，突顯其戰略重點和市場動態。公司預計全年淨銷售在 76 億至 77 億美元之間，調整後 EBITDA 在 9.2 億至 9.4 億美元之間，經營現金流在 5.5 億至 6.1 億美元之間。這些預測反映了對其戰略舉措和市場定位的信心。</p>
<p>總之，Core &amp; Main, Inc. A 類股的財報電話會議描繪了一幅謹慎樂觀的圖景。儘管公司在銷售增長和戰略投資方面取得了進展，但仍需應對市場疲軟和通貨膨脹壓力等挑戰。利益相關者可以對公司的強勁現金流和戰略舉措感到欣慰，這使其在未來增長中處於良好位置。</p>

<p>Core & Main, Inc. A 類股票的第三季度財報電話會議顯示出混合的結果。公司報告淨銷售額增長 1%，毛利率改善 60 個基點，現金流生成強勁。然而，面臨的挑戰包括住宅市場疲軟、PVC 管價格下跌以及由於通貨膨脹導致的銷售和管理費用增加。公司宣佈增加 5 億美元的股票回購授權，並擴展到加拿大市場。前瞻性指引預計全年淨銷售額為 76 億至 77 億美元，調整後的息税折舊攤銷前利潤（EBITDA）為 9.2 億至 9.4 億美元</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 類股（(CNM)）已舉行其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</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 類股的最新財報電話會議顯示出利益相關者之間的情緒複雜。儘管公司慶祝了淨銷售增長、毛利率改善和戰略投資等積極成就，但也面臨着住宅市場疲軟、PVC 管價格下跌和因通貨膨脹導致的 SG&amp;A 費用增加等挑戰。這種樂觀與謹慎的平衡在整個討論中顯而易見。</p>
</div><h2>Net Sales Growth</h2>
<div class="lb-trans"><h2>淨銷售增長</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 報告淨銷售 modest 增長 1%，達到 21 億美元。這一增長主要歸因於收購，約貢獻了整體增長的一個百分點。這表明公司保持了穩定但緩慢的增長軌跡。</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>公司實現了毛利率同比提高 60 個基點，達到 27.2%。這主要得益於自有品牌的舉措以及嚴格的採購和定價執行，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>強勁的現金流生成</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 強調其強勁的現金流生成，經營現金流達到 2.71 億美元。這幾乎是調整後 EBITDA 的 100% 轉化，突顯了公司的財務健康和運營效率。</p>
</div><h2>Share Repurchase Authorization Increase</h2>
<div class="lb-trans"><h2>股票回購授權增加</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>反映出對增長前景和自由現金流生成的信心，Core &amp; Main 宣佈將股票回購授權增加 5 億美元。這一舉措表明對公司未來前景的強烈信心。</p>
</div><h2>Municipal Market Strength</h2>
<div class="lb-trans"><h2>市政市場的強勁</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>市政項目仍然是 Core &amp; Main 的強項，得益於有利的資金環境。值得注意的是，德克薩斯州已授權 200 億美元用於新的供水項目，突顯了該領域的重大機會。</p>
</div><h2>Successful Growth Initiatives</h2>
<div class="lb-trans"><h2>成功的增長舉措</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>公司報告在產品舉措方面實現了兩位數的增長，如可熔接 HDPE、處理廠解決方案和土工合成材料。這些成功的增長舉措突顯了 Core &amp; Main 在創新和市場擴展方面的戰略重點。</p>
</div><h2>Expansion into Canadian Market</h2>
<div class="lb-trans"><h2>拓展加拿大市場</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 完成了對加拿大水務公司的收購，標誌着其進入 50 億美元的加拿大市場。這一戰略舉措預計將增強公司的市場存在感和增長潛力。</p>
</div><h2>Residential Market Softness</h2>
<div class="lb-trans"><h2>住宅市場疲軟</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開發的疲軟，特別是在佛羅里達州、德克薩斯州、亞利桑那州和喬治亞州等陽光帶市場。這一趨勢對 Core &amp; Main 在住宅領域的增長構成挑戰。</p>
</div><h2>Decline in Municipal PVC Pipe Prices</h2>
<div class="lb-trans"><h2>市政 PVC 管價格下降</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 管價格同比下降約 15%，較 2022 年的峯值下降近 40%。這一下降對公司維持該細分市場的收入構成挑戰。</p>
</div><h2>SG&amp;A Expense Increase</h2>
<div class="lb-trans"><h2>SG&amp;A 費用增加</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>總 SG&amp;A 費用增加 8%，達到 2.95 億美元，主要受收購、高通脹、員工福利成本上升和戰略投資的推動。這一費用的上升突顯了公司面臨的財務壓力。</p>
</div><h2>Inflationary Pressures</h2>
<div class="lb-trans"><h2>通貨膨脹壓力</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 正面臨通貨膨脹壓力，成本通脹趨向中低個位數，特別是在設施、車隊和醫療成本方面。如果管理不當，這一趨勢可能會影響公司的盈利能力。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>在財報電話會議中，Core &amp; Main 提供了前瞻性指導，突顯其戰略重點和市場動態。公司預計全年淨銷售在 76 億至 77 億美元之間，調整後 EBITDA 在 9.2 億至 9.4 億美元之間，經營現金流在 5.5 億至 6.1 億美元之間。這些預測反映了對其戰略舉措和市場定位的信心。</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>總之，Core &amp; Main, Inc. A 類股的財報電話會議描繪了一幅謹慎樂觀的圖景。儘管公司在銷售增長和戰略投資方面取得了進展，但仍需應對市場疲軟和通貨膨脹壓力等挑戰。利益相關者可以對公司的強勁現金流和戰略舉措感到欣慰，這使其在未來增長中處於良好位置。</p>
</div>

Core & Main 的收益電話會議表現不一：在挑戰中實現增長