Core & Main 3Q Sales Rise

The distributor of water, wastewater, storm drainage and fire protection products reported a 38.7% increase in the fiscal 3Q of 2021.
Wastewater, storm drainage and fire protection distributor Core & Main on Sept. 13 released its 2022 fiscal second-quarter financial results, which showed that 2Q net sales rose 43.4% year-over-year to $1.68 billion.

St. Louis-based Core & Main, Inc. reported more than $1.4 billion in net sales for the fiscal third quarter of 2021, a 38.7% increase over the same period a year ago.

The distributor of water, wastewater, storm drainage and fire protection products also reported net income of $109.3 million, a 406% increase compared to fiscal 2020’s third quarter.

The company also closed four acquisitions during the quarter: Pacific Pipe Company, Inc., L & M Bag & Supply Co., Inc., CES Industrial Piping Supply, LLC and Catalone Pipe & Supply Co.

“We benefited from strong demand across each of our end markets, attributable to continued growth in municipal water infrastructure spending, growth in land and lot development due to continued housing demand, and recovery in the non-residential construction market,” Core & Main CEO Steve LeClair said. “Despite ongoing inflationary trends across many of our product lines due to supply chain constraints and product availability challenges, our field and functional teams have done a fantastic job navigating the environment to provide consistent, reliable products and services to our customers. Our teams continue to execute at a very high level, leveraging our market leadership position and operational capabilities to gain market share and deliver EBITDA margin expansion during the quarter.”

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