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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) has successfully acquired the assets of Lanier Municipal Supply Co., enhancing its presence in the Southeast waterworks market. This acquisition leverages Lanier's four decades of expertise, significantly boosting Core & Main's capabilities in delivering water, wastewater, storm drainage, and irrigation products. CEO Steve LeClair emphasized the strategic importance of this move for improving customer service and expanding market reach, while the integration of Lanier is projected to strengthen operational efficiency and customer relationships.
Core & Main (NYSE: CNM) is set to report its financial results for the third fiscal quarter and nine months ending October 30, 2022, on December 13, 2022, before market opens. A conference call and webcast will take place at 8:30 a.m. EST to discuss the results. Investors can access the live call via dial-in or through the website. The company provides products and services for water, wastewater, and fire protection systems with around 300 locations nationwide and a committed workforce of 4,100 associates.
Core & Main, Inc. (NYSE: CNM) announced a definitive agreement to acquire Lanier Municipal Supply Co. Inc., enhancing its distribution of water and wastewater products in the Southeast. This acquisition, which includes assets of Lanier, bolsters Core & Main's service capabilities and market presence. With over 40 years in the industry, Lanier is known for its strong customer relationships and local expertise. The strategic move aims to improve service delivery and infrastructure sustainability for waterworks customers.
Core & Main (NYSE: CNM) has finalized its acquisition of substantially all assets of Distributors, Inc., a leading distributor of fire protection products based in Hawaii. This strategic move aims to expand Core & Main's presence in the fire protection market. Leadership highlighted the importance of Distributors, Inc.’s local expertise and strong reputation, which will enhance customer service and product delivery across Hawaii. The acquisition is anticipated to strengthen operational capabilities and broaden Core & Main’s market reach.
Core & Main (NYSE: CNM) has completed its acquisition of the municipal waterworks division of Trumbull Industries, Inc., enhancing its market presence in Ohio and Pennsylvania. This deal includes assets from Trumbull's affiliated entity, a supplier of specialty products. CEO Steve LeClair emphasized the acquisition's strategic importance for improving customer service and product offerings. The municipal division operates through four branches in Ohio and Pennsylvania, reinforcing Core & Main’s commitment to infrastructure needs across these regions.
Core & Main, Inc. (NYSE: CNM) has announced a definitive agreement to acquire the assets of Distributors, Inc., a Hawaii-based distributor of fire protection products. This strategic acquisition aims to enhance Core & Main's position in the fire protection services market by leveraging Distributors, Inc.'s established reputation and extensive expertise. The merger is expected to add value for both companies' customers, further solidifying Core & Main's commitment to delivering quality services across its operational areas.
Core & Main, Inc. (NYSE: CNM) announced an increase in the size of its secondary public offering from 10 million to 11 million shares of Class A common stock, priced at
Core & Main (NYSE: CNM) has launched a secondary public offering of 10,000,000 shares of Class A common stock by selling stockholders, with an option for underwriters to purchase an additional 1,500,000 shares. Core & Main will not receive any proceeds from this offering. The company's latest share price was $25.01. Goldman Sachs is the sole underwriter, and the offering is contingent on market conditions. Interested investors can access regulatory documents related to this offering on the SEC's website.
Core & Main (NYSE: CNM) reported exceptional second quarter results for fiscal 2022, with net sales soaring 43.4% to $1.861 billion. Key highlights include a gross profit margin rise of 190 basis points to 26.9% and a remarkable net income increase of $172 million to $182 million. Adjusted EBITDA jumped 78.7% to $277 million, reflecting strong operational performance. The company is actively pursuing M&A to bolster growth and has raised its fiscal 2022 Adjusted EBITDA outlook to $840-$890 million, anticipating 39%-47% growth year-over-year.
Core & Main, Inc. (NYSE: CNM) has elected Robert M. Buck to its board of directors. Buck is currently the CEO of TopBuild, bringing extensive experience in industrial business growth and strategic acquisitions. Chairman Jim Berges emphasized Buck's alignment with the company's goals of fostering customer relationships through industry expertise.
With approximately 300 locations and 4,100 associates, Core & Main specializes in distributing water and wastewater products, aiming to enhance its strategic vision and growth opportunities under Buck’s guidance.
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