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) 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.
Core & Main, Inc. (NYSE: CNM) has completed its acquisition of substantially all assets of L & M Bag & Supply Co., Inc., based in Willacoochee, Georgia. This marks Core & Main’s 14th acquisition since August 2017. The acquisition enhances its product offerings in the erosion control and geosynthetic market, which includes geotextile fabrics and safety barriers. CEO Steve LeClair and President Jack Schaller expressed excitement about the growth opportunities this acquisition presents, emphasizing their commitment to community impact.
Core & Main (NYSE: CNM) has successfully completed the issuance of 5,232,558 additional shares of Class A common stock, following the full exercise of the underwriters’ over-allotment option related to its IPO. Each share was sold at $20.00, generating approximately $104.7 million in gross proceeds. This brings the total raised from the IPO to about $802.3 million. The IPO originally commenced trading on July 23, 2021. The offering was managed by Goldman Sachs, Credit Suisse, and J.P. Morgan among other financial institutions.
Core & Main (NYSE: CNM) has successfully completed its acquisition of Pacific Pipe Company, expanding its geographic footprint to Hawaii. This marks the 13th acquisition for Core & Main since its independence in August 2017. Pacific Pipe operates four locations, serving various sectors in Hawaii with a comprehensive product range for water, wastewater, storm drainage, and irrigation. CEO Steve LeClair emphasized the shared commitment to sustainable infrastructure as they aim to positively impact local communities.