Core & Main, Inc. (NYSE: CNM) flopped Wednesday. The company, a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide, today announced financial results for the first quarter ended May 3.
Net sales were $1,910 million, resulting in an increased gross profit increased 2.0% to $520 million; gross profit margin increased 50 bps to 27.2%
Net income increased 7.6% to $113 million. Adjusted EBITDA (Non-GAAP) increased 0.9% to $226 million; Adjusted EBITDA margin (Non-GAAP) increased 10 bps to 11.8%
Diluted earnings per share increased 9.6% to $0.57. Adjusted Diluted Earnings Per Share (Non-GAAP) increased 5.9% to $0.72
Net cash provided by operating activities was $82 million
The company also deployed $88 million to repurchase 1.8 million shares during the quarter, and deployed an additional $37 million to repurchase 0.8 million shares subsequent to quarter end
Core & Main also opened “five new greenfield locations in attractive markets”.
“I want to thank our teams across the country for their disciplined execution, which continues to advance our strategic priorities and strengthen our position with our customers,” said CEO Mark Witkowski.
Core & Main says it also expanded its footprint with five new greenfield locations in attractive markets, while delivering year-over-year gross margin expansion through execution of our gross margin initiatives.
CNM shares gapped $1.99, or 3.8%, to $50.66.
