Core & Main Inc. on Tuesday released preliminary results for its recently completed fiscal quarter and disclosed three recent acquisitions.
The company said that it acquired Phoenix stormwater vault systems company Southwest Stormwater Solutions in September, Houston pipe and fittings distributor Gajeske in October, and Toronto distributor and utility solutions provider KTI this month. Core & Main officials said the newly added companies represent over $250 million in annual revenues combined.
The waterworks and fire protection products distributor said the quarter ended Nov. 1 saw net sales of between $2.12 billion and $2.13 billion, as well as net income of $128 million to $140 million and adjusted EBITDA of $267 million to $275 million. The company reported $2.06 billion in net sales, $143 million in net income and $274 million in adjusted EBITDA during the same quarter last year.
Core & Main said that it released the preliminary numbers ahead of its participation in the Baird Global Industrial Conference. The company maintained its sales forecast for the full year but reduced its adjusted EBITDA outlook; it expects to issue complete third-quarter earnings on Dec. 8.
“We continue to execute our strategy across multiple avenues for growth, strengthening our platform through acquisitions in storm drainage, fusible HDPE and smart utility solutions and completing another record quarter of open market share repurchases,” Core & Main CEO Mark Witkowski said in a statement. “We also continue to invest organically in our business, opening a record eight greenfield locations year-to-date.”
Core & Main is the no. 6 distributor on ID’s newest Big 50 List.
