Record-Breaking First Quarter Sales and EBITDA
Core & Main achieved first-quarter net sales of $1.9 billion and adjusted EBITDA of $224 million, both all-time highs for the first quarter.
Organic Sales Growth and Market Share Gains
The company delivered mid-single-digit organic sales growth, driven by product, customer, and geographic expansion initiatives, along with 10% growth in meters and double-digit growth in treatment plant and fusible high-density polyethylene offerings.
Strong Municipal Construction Activity
The company observed steady growth in municipal construction activity, supported by the Infrastructure Investment and Jobs Act, with expanding pipelines for water and wastewater treatment plants and storm water management.
Positive Nonresidential Market Trends
Core & Main experienced strong sales volumes in data center construction and positive trends in institutional buildings, multifamily housing, and road and bridge projects.
Effective Pricing and Margin Management
Sequential improvement in gross margins was achieved through disciplined pricing and strong execution in private label and sourcing efforts.
Robust Acquisition and Greenfield Expansion Strategy
The company completed over 40 acquisitions since 2017, adding significant annual net sales, and plans to open 5-10 new greenfields in 2025.
Strong Liquidity and Shareholder Returns
Core & Main ended the quarter with $1.1 billion in liquidity and repurchased 837,000 shares, deploying $39 million in share repurchases.