Core & Main (NYSE:CNM) reported fourth-quarter earnings, which came in below expectations, even as revenue slightly exceeded forecasts and the full-year outlook pointed to continued growth.

The water infrastructure specialist posted earnings per share of $0.33, falling short of analysts’ estimate of $0.36. Quarterly revenue rose 17.9% year-over-year to $1.69 billion, narrowly beating the $1.68 billion consensus. Meanwhile, adjusted EBITDA totaled $179 million, just under the projected $179.5 million.

Despite the earnings miss, Core & Main emphasized strong execution, noting its 15th consecutive year of positive sales growth. Management expects flat to slightly positive demand in 2025, with gradual strength in municipal repair and replacement projects.

Looking ahead, the company is guiding for fiscal 2025 revenue between $7.6 billion and $7.8 billion, above analyst expectations of $7.42 billion. Net sales growth is projected at 2% to 5%, with average daily sales expected to rise 4% to 7%.