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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.
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Core & Main has successfully acquired the assets of Midwest Pipe Supply, enhancing its presence in the drainage and waterworks sector in Iowa. This acquisition is expected to leverage Midwest Pipe Supply's established reputation and local expertise to expand Core & Main's service capabilities. The combined efforts aim to improve service delivery and product offerings across various sectors, including contractors and municipalities. Core & Main, based in St. Louis, operates over 320 locations nationwide, focusing on water, wastewater, and related infrastructure solutions. The acquisition is seen as a strategic move to enhance market reach and operational efficiency.
Core & Main (NYSE: CNM) has announced a secondary public offering of 5 million shares of its Class A common stock by certain selling stockholders, with no proceeds going to the company itself. Concurrently, Core & Main plans to repurchase up to 9,377,183 shares of its Class A common stock and 5,622,817 partnership interests of its subsidiary at the same price offered to the selling stockholders. This repurchase is subject to the offering's completion, indicating a strategic move to reduce shares in circulation and potentially increase value for existing investors. J.P. Morgan Securities is the sole underwriter for this offering, which is dependent on market conditions.
Core & Main Inc. (NYSE: CNM) has successfully acquired substantially all assets of UPSCO Inc. and its affiliates, enhancing its portfolio in utility infrastructure products and services. UPSCO, established in 1965, is recognized for its prefabricated meter sets and offers a broad range of products including valves and piping solutions. This acquisition is anticipated to align with Core & Main's existing meter business, further expanding its capabilities in the Northeast, Mid-Atlantic, and Midwest regions. Core & Main's CEO, Steve LeClair, emphasizes the synergy between the two companies, focusing on shared commitment to high-quality service and reliable infrastructure. The union aims to leverage both companies' strengths to better serve utilities and contractors across the U.S.
Core & Main (NYSE: CNM) reported robust financial results for the fourth quarter and fiscal year ended January 29, 2023. Fourth-quarter net sales rose by 10.3% to $1.374 billion, with net income increasing 6.3% to $84 million. For fiscal 2022, net sales totaled $6.651 billion, a 32.9% increase year-over-year. Adjusted EBITDA for the year grew by 54.8% to $935 million, reflecting improved margins. The company closed eight acquisitions, adding $175 million in annualized net sales. Looking forward, Core & Main anticipates fiscal 2023 net sales between $6.455 billion and $6.875 billion.
Core & Main Inc. (NYSE: CNM), a specialized distributor of water and wastewater products, will release its financial results for Q4 and the fiscal year ended January 29, 2023, on March 28, 2023, before market open. The company will hold a conference call at 8:30 a.m. EDT to discuss these results. Investors can access the live webcast via their Investor Relations webpage or dial in using provided numbers. Core & Main operates approximately 300 locations nationwide, delivering local expertise backed by a national supply chain, supported by a workforce of 4,100 associates.
Core & Main has completed the acquisition of substantially all assets of Landscape & Construction Supplies LLC, enhancing its product offerings in geosynthetics and erosion control in the upper Midwest. This strategic move, announced by CEO Steve LeClair, aims to leverage Landscape & Construction Supplies’ established reputation and local expertise to better serve customers across more than 15 states. Founded in 2004, Landscape & Construction Supplies is recognized for quality products and strong local relationships. The integration is expected to strengthen Core & Main's position in the market.
Core & Main Inc. (NYSE: CNM), a leading distributor of water and wastewater products, has announced a definitive agreement to acquire substantially all assets of Landscape & Construction Supplies LLC, a geosynthetics provider with two locations in the Chicago area. This acquisition enhances Core & Main's capabilities in delivering superior geosynthetics and erosion control products across more than 15 states. The CEO emphasized the strategic importance of this addition, which aims to expand product offerings and improve customer service. The acquisition aligns with Core & Main’s goal of fostering sustainable infrastructure and improving community services.