Core & Main, Inc. (NYSE: CNM), St. Louis, Mo., a specialized distributor with a focus on water, wastewater, storm drainage and fire protection products, announced sales for its fiscal 2023 first quarter were $1.57 billion, down 1.5% from the prior-year period.
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Net income for the quarter was $133 million, down 2.9% from the prior-year period.
“First-quarter net sales finished in line with our expectations, reflecting a return to more typical seasonality for the first quarter,” said Steve LeClair, CEO of Core & Main. “We had an excellent quarter from a profitability standpoint, with Adjusted EBITDA margin increasing 30 basis points to a new first quarter record of 14%. Prices remained elevated against improving supply chains and gross margins outperformed our expectations, offsetting lower sales volume and inflationary cost pressure to deliver a solid Adjusted EBITDA outcome for the quarter.”
