ST. LOUIS--(BUSINESS WIRE)--Core & Main Inc. (NYSE: CNM), a leader in advancing reliable infrastructure with local service, nationwide, today announced that its board of directors has elected Stephen O. LeClair as the new chairman of the board, effective immediately. LeClair will continue serving as chief executive officer of Core & Main. James G. Castellano will serve as lead independent director, in addition to his responsibilities as the audit committee chair, and Kathleen M. Mazzarella will serve as cha ...

The most recent trading session ended with Core & Main (CNM) standing at $42.21, reflecting a +1.78% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily gain of 0.82%. Elsewhere, the Dow gained 0.41%, while the tech-heavy Nasdaq added 0.95%.The distributor of water and fire protection products's stock has climbed by 2.55% in the past month, falling short of the Business Services sector's gain of 6.18% and the S&P 500's gain of 5.59%.Analysts and investors alike will be kee ...

GREENWICH, Conn.--(BUSINESS WIRE)--Littlejohn & Co. LLC (“Littlejohn”), a private investment firm based in Greenwich, CT, today announced that it has entered into a definitive agreement to sell Dana Kepner Company, LLC, (“Dana Kepner” or the “Company”), a premium supplier of water works material and services serving municipalities and contractors, to Core & Main Inc. (“Core & Main”) (NYSE: CNM). Based in Denver, Colorado and founded in 1933, Dana Kepner is a leading water and wastewater distributor serving ...

ST. LOUIS--(BUSINESS WIRE)--Core & Main Inc. (NYSE: CNM), a leader in advancing reliable infrastructure with local service, nationwide, has entered into a definitive agreement to acquire Dana Kepner Company LLC, and associated entities. Dana Kepner is a distributor of water, wastewater, storm drainage, and geotextile products, along with specialty tools and accessories. The acquisition is subject to regulatory approval and other customary closing conditions. “The team at Dana Kepner recognizes the import ...

ST. LOUIS--(BUSINESS WIRE)--Core & Main Inc. (NYSE: CNM), a leader in advancing reliable infrastructure with local service, nationwide, today announced the launch of an underwritten secondary public offering of 19.8 million shares of its Class A common stock by certain selling stockholders. Core & Main is not offering any shares of Class A common stock in the offering and will not receive any proceeds from the offering. The offering is subject to market and other conditions, and there can be no assurance as ...

Fiscal 2023 Third Quarter Results DECEMBER 5, 2023 Cautionary Note Regarding Forward-Looking Statements In addition to providing results that are determined in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), we present EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Operating Cash Flow Conversion and Net Debt Leverage, all of which are non-GAAP financial measures. These measures are not considered measures of financial performance or liquidity under GAAP and the items excluded there ...

Financial Data and Key Metrics Changes - Net sales for the third quarter were just over $1.8 billion, slightly above the prior year period, and up 30% from the third quarter of fiscal 2021 [23][28] - Gross margin was 27%, which was 50 basis points lower than last year due to inventory costs catching up with current market prices [8][17] - Adjusted EBITDA decreased approximately 5% to $260 million, with adjusted EBITDA margin decreasing 90 basis points to 14.2% [13] - Net income for the third quarter was $158 million compared to $178 million in the prior year period, primarily due to lower operating income [9] Business Line Data and Key Metrics Changes - Municipal repair and replacement activity remained stable year-over-year, while new residential lot development improved sequentially from the second quarter [3] - Nonresidential volumes began to stabilize late in the third quarter due to balanced exposure across various project types [3] - Price contribution to net sales growth was flat for the quarter, with organic volumes down low single digits [28][11] Market Data and Key Metrics Changes - The company expects municipal repair and replacement activity to remain stable year-over-year in the fourth quarter, with new residential lot development growth anticipated to improve sequentially [31] - Nonresidential volumes are expected to be flat to slightly down year-over-year, similar to the third quarter [31] Company Strategy and Development Direction - The company continues to target attractive M&A opportunities, announcing three new acquisitions after the quarter, with a total of eight acquisitions signed or closed this year, enhancing product offerings and market position [4][26] - The company aims for 2% to 4% annual net sales growth from M&A over the next several years [4][26] - Focus remains on customer service, technical expertise, productivity, and pricing execution, with significant liquidity expected to drive shareholder value through share repurchases or dividends [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to sustain margins through ongoing margin initiatives and synergies from M&A, despite expectations of gross margin normalization in the fourth quarter [11][33] - The company anticipates end market volumes to be roughly flat to up low single digits in 2024, depending on broader economic conditions [32][38] - Management noted that the IIJA funds have been slower than anticipated but are starting to see projects utilizing that funding, particularly in the upper Midwest [117] Other Important Information - The company executed share repurchases totaling $770 million so far this year, retiring 30 million shares in total [10][18] - The company opened two new greenfield locations in the third quarter, expanding product offerings in underpenetrated markets [24][36] Q&A Session Summary Question: What is the outlook for end markets in 2024? - Management expects overall end markets to be flat to low single digits, with municipal base remaining stable and potential growth in residential if mortgage rates stabilize [81][82] Question: How is the company managing inventory and cost pressures? - Management reported good progress in reducing inventory levels and optimizing sourcing, which has contributed to better margin performance than anticipated [91][96] Question: What is the company's strategy regarding M&A? - Management indicated a consistent appetite for M&A, with a robust pipeline and no significant changes in strategy despite market conditions [85][88] Question: How does the company view pricing in 2024? - Management anticipates a neutral price environment in 2024, with potential ups and downs in specific product categories [57][94] Question: What are the expectations regarding IIJA spending? - Management noted that while IIJA funds have been slow to materialize, there are signs of projects starting to utilize these funds, particularly in certain states [117]

Credit Risk 37 Changes in Internal Control over Financial Reporting 38 Item 1A. Risk Factors Anti-takeover provisions in our Certificate of Incorporation and our amended and restated by-laws (the "By-laws") could discourage, delay or prevent a change of control of our company and may af ect the trading price of our Class A common stock. Our Certificate of Incorporation and By-laws include a number of provisions that may discourage, delay or prevent a change in our management or control over us even if our s ...

Core & Main, Inc. (NYSE:CNM) Q2 2023 Earnings Call Transcript September 6, 2023 8:30 AM ET Company Participants Robyn Bradbury - Vice President of Finance and Investor Relations Steve LeClair - Chief Executive Officer Mark Witkowski - Chief Financial Officer Conference Call Participants Matthew Bouley - Barclays David Manthey - Baird Brian Biros - Thompson Research Mike Dahl - RBC Capital Vivek Srivastava - Goldman Sachs Patrick Baumann - JPMorgan Anthony Pettinari - Citi David Ridley-Lane - Bank of America ...

Fiscal 2023 Second Quarter Results SEPTEMBER 6, 2023 Cautionary Note Regarding Forward-Looking Statements In addition to providing results that are determined in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), we present EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Operating Cash Flow Conversion and Net Debt Leverage, all of which are non-GAAP financial measures. These measures are not considered measures of financial performance or liquidity under GAAP and the items excluded the ...