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May 01, 2022
Core & Main Q1 2022 Earnings Report
Achieved strong growth in net sales and Adjusted EBITDA.
Key Takeaways
Core & Main reported a strong start to fiscal year 2022, with a 52% increase in net sales to $1,598 million and a 101% increase in Adjusted EBITDA to $219 million compared to the first quarter of fiscal year 2021. Net income increased to $137 million from $27 million.
Net sales increased 52% to $1,598 million.
Gross profit margin increased 200 basis points to 26.3%.
Net income increased to $137 million from $27 million.
Adjusted EBITDA increased 101% to $219 million.
Core & Main
Core & Main
Forward Guidance
The company is raising its expectation for fiscal 2022 Adjusted EBITDA to be in the range of $710 to $750 million.
Positive Outlook
- Confidence in the stability of pricing.
- Confidence in demand despite the current macroeconomic backdrop.
- Confident in the long-term growth prospects of our business.
- Undersupply of housing.
- Ongoing demand for non-discretionary municipal repair and replacement activity.