For the second quarter in a row, infrastructure and industrial supplies distributor Core & Main reported record performance in volume growth to reaffirm its full-year outlook.

The St. Louis-based company posted 1Q sales of $1.9 billion, up 9.8% year-over-year for the three months ended May 4. The company noted that net sales (including for pipes, valves & fittings, storm drainage and meter products) increased primarily due to higher volumes and acquisitions.

Net sales for fire protection products, however, continued to decline due to lower selling prices and lower end-market volume, partially offset by acquisitions.

MDM’s 1Q25 M&A Report (store link)

Core & Main’s 1Q gross profit increased to $510 million, up 9.0% year-over-year, with gross margin of 26.7%. Net profit of $105 million increased 30 bps or 4% year-over-year.

Officials say gross margins are expected to improve through the execution of private label, souring optimization and pricing initiatives.

The company’s 1Q adjusted EBITDA of $224 million increased 3.2% year-over-year, but increased from 4Q24’s $179 million.

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Core & Main appointed former company CFO Mark Witkowski as its CEO in March to succeed long-time leader Steve LeClair, who transitioned into an advisory role as Executive Chair of the Board.