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Core & Main, Inc. reports developments tied to its role as a specialty distributor of water, wastewater, storm drainage and fire protection products and related services. The company serves municipalities, private water companies and professional contractors across municipal, non-residential and residential infrastructure end markets in the United States and Canada.
Recurring news covers quarterly and annual results, sales and margin drivers, distribution costs, branch expansion, completed acquisitions, service-capability investments, share repurchase authorizations and board succession. Updates also reflect the company’s focus on maintenance, repair, replacement and construction demand across waterworks and fire protection infrastructure.
Core & Main (NYSE: CNM) reported exceptional second quarter results for fiscal 2022, with net sales soaring 43.4% to $1.861 billion. Key highlights include a gross profit margin rise of 190 basis points to 26.9% and a remarkable net income increase of $172 million to $182 million. Adjusted EBITDA jumped 78.7% to $277 million, reflecting strong operational performance. The company is actively pursuing M&A to bolster growth and has raised its fiscal 2022 Adjusted EBITDA outlook to $840-$890 million, anticipating 39%-47% growth year-over-year.
Core & Main, Inc. (NYSE: CNM) has elected Robert M. Buck to its board of directors. Buck is currently the CEO of TopBuild, bringing extensive experience in industrial business growth and strategic acquisitions. Chairman Jim Berges emphasized Buck's alignment with the company's goals of fostering customer relationships through industry expertise.
With approximately 300 locations and 4,100 associates, Core & Main specializes in distributing water and wastewater products, aiming to enhance its strategic vision and growth opportunities under Buck’s guidance.
Core & Main, Inc. (NYSE: CNM), a specialized distributor of water, wastewater, storm drainage, and fire protection products, will release its financial results for the second fiscal quarter and six months ended July 31, 2022, before market opening on September 13, 2022. The company will conduct a conference call at 8:30 a.m. EDT to discuss these results. Details for accessing the call and an archived version will be available on their Investor Relations website. Core & Main operates approximately 300 locations nationwide, supported by its workforce of 4,100 associates.
Core & Main, Inc. (NYSE: CNM) has announced its acquisition of the municipal waterworks division of Trumbull Industries, a key player in the waterworks sector for over 100 years. This strategic move is expected to enhance Core & Main's service offerings and strengthen customer relationships. The acquisition includes four branches located in Ohio and Pennsylvania, facilitating access to a broader product range. The transaction aims to capitalize on synergies between the two companies, focusing on exemplary customer service and product quality.
Core & Main, Inc. (NYSE: CNM) has finalized its acquisition of Inland Water Works Supply Co., enhancing its presence in Southern California. This strategic move aims to bolster customer service and expand their product offerings in the water and wastewater distribution sector. Inland Water Works Supply has a strong history of customer relations, which aligns with Core & Main's commitment to service excellence. The acquisition is expected to strengthen Core & Main's market position, supporting its growth in municipal and utility markets.
Core & Main (NYSE: CNM) has announced the acquisition of substantially all assets of Inland Water Works Supply Co., a distributor of water and wastewater products in Southern California. This acquisition aims to enhance service capabilities and expand their customer base, combining Core & Main's resources with Inland Water Works' local expertise. With a 70-year history, Inland Water Works Supply is recognized for its commitment to service and quality.
The acquisition signifies Core & Main's strategic growth in the water product distribution sector.
Core & Main, Inc. (NYSE: CNM) has completed its acquisition of Earthsavers Erosion Control, LLC, enhancing its geosynthetics product offerings in northern California. This acquisition brings skilled associates and decades of experience to Core & Main, enabling better customer service and a broader range of products. Earthsavers specializes in erosion control materials and serves markets in California, Nevada, and Arizona. The transaction is expected to strengthen Core & Main's position in the region.
Core & Main (NYSE: CNM) reported robust financial results for Q1 fiscal 2022, with net sales surging 52% to $1,598 million. Gross profit grew 64% to $421 million, enhancing the gross margin to 26.3%. Net income skyrocketed to $137 million, up from $27 million. Adjusted EBITDA doubled to $219 million, with a margin increase to 13.7%. The company successfully improved its net debt leverage to 2.2x and remains active in M&A, having completed two acquisitions and planning another. Adjusted EBITDA guidance for fiscal 2022 is raised to $710-$750 million, indicating strong growth potential.
Core & Main (NYSE: CNM) announced its acquisition of Earthsavers Erosion Control, LLC, a geosynthetics products provider in northern California. This strategic acquisition aims to enhance Core & Main's erosion control expertise and expand its services across the western U.S. Earthsavers, established in 2009, offers high-quality erosion control products from its facilities in Woodland and Petaluma. The acquisition is expected to strengthen Core & Main's market presence and support its commitment to serving customers effectively.
Core & Main, Inc. (NYSE: CNM) will release its first fiscal quarter financial results for the period ending May 1, 2022, on June 14, 2022, before market opening. A conference call will occur at 8:30 a.m. EDT the same day to discuss these results. Investors can access the live webcast through the company’s Investor Relations page. Core & Main is a prominent distributor of water and wastewater products and services, with around 300 locations and 4,100 associates dedicated to enhancing community infrastructure nationwide.