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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, Inc. (NYSE: CNM) has announced a secondary public offering of 20,000,000 shares of its Class A common stock by certain selling stockholders, with an option for underwriters to purchase an additional 3,000,000 shares. The company will not receive proceeds from this offering. Leading the offering are Goldman Sachs, Credit Suisse, and J.P. Morgan. A registration statement has been filed with the SEC, but the offering will not be finalized until it becomes effective. Core & Main specializes in products related to water and wastewater services.
Core & Main (NYSE: CNM) reported robust financial results for Q3 and the first nine months of FY2021. Net sales surged 38.7% to $1.4 billion, driven by strong demand and pricing strategies. Net income soared 406% to $109.3 million, while Adjusted EBITDA rose 83.4% to $189.1 million, indicating effective margin management. The company successfully closed four acquisitions, enhancing its market position. Full-year Adjusted EBITDA guidance was raised to $560-$580 million, reflecting confidence in ongoing demand despite supply chain challenges.
Core & Main, Inc. (NYSE: CNM) will release its unaudited financial results for the third fiscal quarter and nine months ending October 31, 2021, on December 7, 2021, before market opening. A conference call and webcast to discuss these results will take place at 8:30 a.m. EST on the same day. Investors can access the live call by dialing (844) 200-6205 or through its Investor Relations website. The archived webcast and a presentation highlighting key performance indicators will also be made available post-call.
Core & Main (NYSE: CNM) has completed the acquisition of substantially all assets of Catalone Pipe & Supply Co. based in Pennsylvania. This strategic move aims to enhance Core & Main's waterworks product offerings in the Northeast region, leveraging Catalone's expertise in custom concrete catch basins. The acquisition is expected to bolster customer service and efficiency in project delivery, aligning with Core & Main's commitment to sustainable infrastructure.
Core & Main (NYSE: CNM) has announced its acquisition of Catalone Pipe & Supply Co., a provider of waterworks products and services based in Penfield, Pennsylvania. This strategic move aims to enhance Core & Main's footprint in the Northeast region. The acquisition focuses on increasing product offerings and customer base by integrating Catalone's operations, known for their custom solutions and customer service. Core & Main currently operates multiple locations in Pennsylvania, and this acquisition is expected to strengthen its market position.
Core & Main, Inc. (NYSE: CNM) announced the completion of its acquisition of CES Industrial Piping Supply, enhancing its fusible HDPE product range in the Midwest. This strategic move allows Core & Main to leverage CES's expertise in fusible pipe applications, catering to various industries such as industrial, oil and gas, and wastewater management. The acquisition aligns with Core & Main's commitment to providing advanced solutions and expanding its market presence, while welcoming CES's skilled team into its operations.
Core & Main, Inc. (NYSE: CNM) has been included in both the Russell 1000® and Russell 3000® Indexes as part of their quarterly IPO additions. This inclusion is significant as it broadens the company's visibility to a wider audience of investors and stakeholders. The Russell U.S. Indexes are widely utilized by investment managers, with over $10 trillion in assets benchmarked against them. Core & Main, a specialized distributor of water and wastewater products, operates over 285 locations nationwide, supporting sustainable infrastructure through its dedicated team of 3,700 associates.
Core & Main (NYSE: CNM) announced it has entered into a definitive agreement to acquire CES Industrial Piping Supply, a provider of HDPE products based in Kansas City, Missouri. The acquisition is aimed at enhancing Core & Main's capabilities in high-density polyethylene (HDPE) products, offering customers comprehensive solutions in fabrication and installation. This move is anticipated to strengthen Core & Main's market presence and expand its customer base in the region.
Core & Main, Inc. (NYSE: CNM) reported strong financial results for the second quarter of fiscal 2021, with net sales soaring 35.7% to $1.3 billion. Adjusted EBITDA rose 56.8% to $155.2 million, reflecting improved pricing and strong volume growth. However, net income fell 47.5% to $9.5 million, impacted by a significant loss on debt modification. The company successfully completed its IPO, raising approximately $802 million, enhancing its financial flexibility for acquisitions. The outlook for the remainder of fiscal 2021 remains positive, expecting Adjusted EBITDA between $470 million and $510 million.
Core & Main, Inc. (NYSE: CNM) announced it will release its unaudited financial results for the second fiscal quarter, ending August 1, 2021, before the market opens on September 14, 2021. A conference call will be held at 8:30 a.m. EDT on the same day, featuring CEO Steve LeClair, CFO Mark Witkowski, and VP Robyn Bradbury. Investors can access the live webcast via the company’s Investor Relations site. Core & Main is a specialized distributor of water, wastewater, storm drainage, and fire protection products, with over 285 locations nationwide.