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Overview of Core & Main Inc.
Core & Main Inc. (NYSE: CNM) is a leading distributor of water, wastewater, storm drainage, and fire protection products and services in the United States. The company plays a pivotal role in the construction and maintenance of critical infrastructure, providing essential products that support population growth, economic development, and public safety. With a diverse portfolio of products and services, Core & Main serves a wide range of customers, including municipalities, private water companies, and contractors, across municipal, non-residential, and residential markets.
Core Business Areas
Core & Main’s operations are centered around the distribution of products that are integral to building, repairing, and maintaining water systems. These include:
- Pipes, Valves, and Fittings: The backbone of water systems, these products are essential for transporting water and wastewater in municipal and private infrastructure.
- Storm Drainage Products: Solutions designed to manage stormwater and prevent flooding in urban and rural areas.
- Fire Protection Products: Equipment such as hydrants, sprinkler systems, and related components that ensure safety in residential, commercial, and industrial settings.
- Meter Products: Devices used for accurate water measurement and billing, critical for efficient water management.
These products are distributed through a network of locations nationwide, ensuring timely delivery and accessibility for customers across diverse geographies.
Market Position and Industry Context
Core & Main operates within the broader waterworks and infrastructure industry, which is essential for supporting urbanization, economic growth, and environmental sustainability. The company’s products and services are indispensable for public works projects, private construction, and the maintenance of municipal infrastructure. By addressing the needs of both public and private sectors, Core & Main occupies a unique position as a critical enabler of reliable and resilient water systems.
The company’s focus on water systems aligns with long-term trends such as population growth, urbanization, and increasing investments in infrastructure. Additionally, its contributions to fire protection and stormwater management highlight its role in enhancing public safety and environmental resilience.
Revenue Streams and Business Model
Core & Main generates revenue primarily through the direct sale of its products to municipalities, contractors, and private water companies. Its diverse customer base spans three key construction sectors:
- Municipal: Supporting public waterworks projects, including repairs and upgrades to aging infrastructure.
- Non-Residential: Providing solutions for commercial and industrial construction projects.
- Residential: Supplying products for new housing developments and residential repairs.
This diversified approach helps the company maintain stability and adapt to varying market conditions. Its extensive product portfolio and nationwide distribution network further strengthen its competitive advantage.
Competitive Landscape
Core & Main faces competition from other large-scale distributors in the waterworks and construction supply sectors. However, its comprehensive product offerings, focus on customer service, and strategic presence across the United States differentiate it from competitors. The company’s ability to deliver high-quality products and solutions tailored to the needs of its customers underscores its commitment to reliability and excellence.
Significance in Infrastructure Development
As a key player in the waterworks industry, Core & Main contributes to the development and maintenance of infrastructure that is vital for public health, safety, and economic growth. Its products and services enable municipalities and contractors to address challenges such as aging infrastructure, water scarcity, and climate change. By supporting the construction of resilient and sustainable water systems, Core & Main plays a crucial role in shaping the future of infrastructure in the United States.
Conclusion
Core & Main Inc. is more than a distributor; it is a cornerstone of infrastructure development. Through its diverse product portfolio, extensive distribution network, and commitment to customer service, the company addresses critical needs in waterworks, fire protection, and stormwater management. Its contributions to reliable and sustainable infrastructure make it an indispensable partner for municipalities, contractors, and private water companies nationwide.
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.
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.
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