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) has completed its acquisition of the municipal waterworks division of Trumbull Industries, Inc., enhancing its market presence in Ohio and Pennsylvania. This deal includes assets from Trumbull's affiliated entity, a supplier of specialty products. CEO Steve LeClair emphasized the acquisition's strategic importance for improving customer service and product offerings. The municipal division operates through four branches in Ohio and Pennsylvania, reinforcing Core & Main’s commitment to infrastructure needs across these regions.
Core & Main, Inc. (NYSE: CNM) has announced a definitive agreement to acquire the assets of Distributors, Inc., a Hawaii-based distributor of fire protection products. This strategic acquisition aims to enhance Core & Main's position in the fire protection services market by leveraging Distributors, Inc.'s established reputation and extensive expertise. The merger is expected to add value for both companies' customers, further solidifying Core & Main's commitment to delivering quality services across its operational areas.
Core & Main, Inc. (NYSE: CNM) announced an increase in the size of its secondary public offering from 10 million to 11 million shares of Class A common stock, priced at $23.75 per share. The underwriter, Goldman Sachs & Co. LLC, has a 30-day option to purchase an additional 1.65 million shares. Core & Main will not receive proceeds from this offering, which is expected to close on September 19, 2022. This offering does not constitute an offer to sell or a solicitation to buy securities in any jurisdiction where it would be unlawful.
Core & Main (NYSE: CNM) has launched a secondary public offering of 10,000,000 shares of Class A common stock by selling stockholders, with an option for underwriters to purchase an additional 1,500,000 shares. Core & Main will not receive any proceeds from this offering. The company's latest share price was $25.01. Goldman Sachs is the sole underwriter, and the offering is contingent on market conditions. Interested investors can access regulatory documents related to this offering on the SEC's website.
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.