Core & Main (CNM) Q1 FY27 earnings call

Core & Main opened its fiscal year flat on revenue against a demanding double-digit prior-year comp, leaning on durable, largely nondiscretionary municipal repair-and-replace demand and structural gross-margin gains to offset a still-soft residential lot-development market. Management held its full-year outlook, positioning data centers, smart utility and treatment plant as above-market growth engines while awaiting a back-half inflection as building backlog and bidding activity convert into project releases.