Wastewater, storm drainage and fire protection distributor Core & Main on Sept. 13 released its 2022 fiscal second-quarter financial results, which showed 2Q net sales rose 43.4% year-over-year to $1.86 billion.
“I am pleased to report another record quarter as we continue to build on our momentum, achieving solid growth in both net sales and Adjusted EBITDA,” said Steve LeClair, CEO of Core & Main.
The company said the major sales increase was primarily driven by price inflation, volume growth and acquisitions, with inflation representing about three-quarters of the net sales increase.
Core & Main is ranked 10th on MDM’s annual Top Industrial Distributors list.
Net income in 2Q 2022 increased $172 million to $182 million, while adjusted EBITDA (non-GAAP) increased 78.7% to $277 million. Adjusted EBITDA margin (non-GAAP) increased 300 basis points to 14.9%, Core & Main said.
“This is a remarkable accomplishment considering our strong performance in the same period last year,” LeClair said. “Our teams are utilizing our best-in-class capabilities and executing at a high level to support our customers, suppliers and communities. Our customers remain busy, and we continue to experience healthy demand across each of our end markets and product lines. During the quarter, we improved our margins by executing our gross margin enhancement initiatives, achieving strong operating leverage and passing through rising material costs.”