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Core & Main, Inc. (symbol: CNM) is a leading distributor specializing in water, wastewater, storm drainage, and fire protection products and services. Catering to municipalities, private water companies, and contractors, Core & Main plays a crucial role in supporting both public works and private construction industries nationwide. Their diverse product line, which includes pipes, valves, fittings, storm drainage products, fire protection products, and meter products, is essential for building, repairing, and maintaining water systems. These products form part of the basic municipal infrastructure required to support population and economic growth, as well as residential and commercial construction.
Core & Main operates across three primary construction sectors: municipal, non-residential, and residential. The company's revenue is predominantly generated from the sale of pipes, valves, and fittings, highlighting its strong market position in providing reliable infrastructure solutions.
Recently, Core & Main has achieved significant milestones, including strategic partnerships and expansion projects aimed at enhancing their service capabilities and product offerings. The company remains committed to innovation and quality, ensuring they meet the evolving needs of their diverse customer base.
Financially, Core & Main showcases a robust performance, with steady revenue streams from its comprehensive product line. Their ongoing projects and partnerships signify a strong growth trajectory, positioning the company as a vital player in the infrastructure sector.
In summary, Core & Main, Inc. is indispensable in the waterworks industry, providing critical infrastructure products and services that support sustainable development across various markets in the United States.
Core & Main (NYSE: CNM), a leading provider of water and wastewater infrastructure products, has signed an agreement to acquire HM Pipe Products, a Canadian distributor with locations in London and Kitchener, Ontario. This acquisition marks Core & Main's expansion into the Canadian market, leveraging HM Pipe Products' extensive market knowledge and customer relationships. Established in 2010, HM Pipe Products is known for its wide range of products serving contractors and municipalities. Core & Main plans to utilize combined resources to address Canada's water and wastewater needs, aiming for significant growth opportunities in the multibillion-dollar Canadian market.
Core & Main (NYSE: CNM) announced significant changes to its executive leadership team. Jack Schaller steps down as president to become executive vice president, focusing on integrating newly acquired businesses and supplier relations. Schaller expressed confidence in this planned transition, emphasizing his commitment to ongoing success.
Brad Cowles, previously leading the fire protection product line, will now oversee the waterworks product line, in addition to several growth and margin initiatives. Cowles has over 18 years of leadership experience within Core & Main.
Mike Huebert is set to join the company on July 22, 2024, as president of the fire protection product line and other high-growth areas. Huebert brings extensive experience from Advanced Drainage Systems, where he oversaw field sales, engineering, national accounts, and retail sales teams.
CEO Steve LeClair believes these changes strategically align the company for profitable growth and increased shareholder value.
Core & Main (NYSE: CNM) announced a $500 million share repurchase authorization for its Class A common stock. This decision underscores the company's commitment to returning capital to shareholders while maintaining growth and profitability. CEO Steve LeClair emphasized confidence in the company's ability to outpace market growth and generate strong cash flow. The repurchase will be funded through existing cash, short-term borrowings, and future cash flows. Share repurchases can be executed via open market or privately negotiated transactions and may be adjusted based on market conditions and the company's capital needs.
Core & Main (NYSE: CNM), a leading infrastructure company, announced its fiscal 2024 first quarter results. Net sales rose 10.6% to $1,741 million, while gross profit increased by 6.6% to $468 million, although the gross profit margin decreased by 100 basis points to 26.9%.
Net income fell 24.1% to $101 million, and diluted earnings per share dropped 2.0% to $0.49. Adjusted EBITDA decreased slightly by 1.4% to $217 million, with an Adjusted EBITDA margin of 12.5%.
The company closed five acquisitions during and after the quarter, including Dana Kepner and Geothermal Supply Company. Net debt leverage increased to 2.7x, influenced by higher borrowings for growth investments.
Looking ahead, Core & Main raised its fiscal 2024 net sales and Adjusted EBITDA guidance, expecting net sales between $7.5 to $7.6 billion and Adjusted EBITDA between $935 to $975 million.
Core & Main (NYSE: CNM), a leading provider in infrastructure solutions, will release its fiscal 2024 first-quarter financial results on June 4, 2024. The results will be published before the market opens.
A live conference call and webcast will be held at 8:30 a.m. ET to discuss these results. The webcast can be accessed on Core & Main's Investor Relations website, and the call can be joined via specific phone numbers with the passcode 988688.
Core & Main will also provide a slide presentation on their financial performance, available online prior to the call. An archived version of the webcast will be accessible after the event.
Core & Main Inc. (NYSE: CNM) has completed the acquisition of Geothermal Supply Company Inc., a distributor of HDPE pipe and related products in Kentucky.
Core & Main Inc. (NYSE: CNM) has elected James D. Hope to its board of directors. Hope, with extensive executive experience in finance, sales, and operations, served as the CFO of Performance Food Group Company until 2022. His addition is expected to bring valuable financial expertise, leadership, and strategic planning to Core & Main.
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