Core & Main on Tuesday reported higher sales, profit and earnings totals in what company officials called a "record" fiscal first quarter.
The waterworks and infrastructure distributor — no. 6 on ID’s most recent Big 50 — said net sales in the three months ending May 4 climbed to $1.91 billion, an increase of 9.8% compared to the same period last year amid higher volumes and the impact of recent acquisitions. The company's pipe, valve and fittings portfolio, along with storm drainage and meter products, offset a decline in its fire protection segment in the quarter.
Gross profit also rose 9% year-over-year to $510 million, while net income increased 4% to $105 million.
Core & Main CEO Mark Witkowski said the company continued to outperform the broader market and remains "uniquely positioned" to capitalize on upgrades to aging water infrastructure across the U.S. The company said that it reaffirmed its full-year projections for net sales of between $7.6 billion and $7.8 billion, along with its outlooks for adjusted EBITDA and operating cash flow.
"We are proud to report another quarter of record performance that showcases the resilience of our end markets and the strength of our business model," Witkowski said in a statement.
