Welcome to our dedicated page for Core & Main news (Ticker: CNM), a resource for investors and traders seeking the latest updates and insights on Core & Main stock.
Core & Main Inc. (NYSE: CNM) is a vital contributor to North America's water infrastructure through its distribution of essential waterworks products. This dedicated news hub provides investors and stakeholders with comprehensive coverage of the company's operational developments, financial milestones, and industry leadership.
Access official press releases and verified updates spanning key operational areas including municipal infrastructure projects, product line expansions, and strategic partnerships. Our curated collection enables efficient tracking of earnings announcements, regulatory developments, and market position changes within the waterworks distribution sector.
Key updates include quarterly financial results, major contract awards, sustainability initiatives, and technological advancements in water management solutions. The resource serves as an essential tool for monitoring CNM's role in addressing critical infrastructure needs across residential, commercial, and municipal markets.
For ongoing monitoring of Core & Main's impact on water system development and fire protection infrastructure, bookmark this page for real-time updates. Regularly refreshed content ensures informed decision-making about this essential infrastructure partner.
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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