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Oct 31, 2021
Core & Main Q3 2021 Earnings Report
Core & Main delivered exceptional performance in the third quarter by capitalizing on strong end-market trends, proactively managing inflation and executing on margin initiatives.
Key Takeaways
Core & Main reported a strong Q3 2021 with net sales increasing by 38.7% to $1,404.8 million and net income increasing by 406.0% to $109.3 million. The company benefited from strong demand across end markets and proactive management of inflation.
Net sales increased 38.7% to $1,404.8 million.
Gross profit margin increased 230 basis points to 26.4%.
Net income increased 406.0% to $109.3 million.
Adjusted EBITDA increased 83.4% to $189.1 million.
Core & Main
Core & Main
Forward Guidance
Based on current visibility, backlog of existing orders and business trends, we now expect full year fiscal 2021 Adjusted EBITDA to be in the range of $560 million to $580 million, representing year-over-year growth of 64% to 70%.
Positive Outlook
- Demand and pricing trends remain favorable across each of our end markets.
- Positive market tailwinds.
- Growing acquisition pipeline.
- Steady momentum across margin initiatives.
- Exceptional performance in the third quarter.
Challenges Ahead
- Ongoing supply chain constraints.
- Product availability challenges.
- Inflationary trends across many product lines.
- Shortages of semi-conductor chips.
- Potential impacts from COVID-19.