Core & Main Inc. (NYSE: CNM), St. Louis, Mo., reported sales for the second quarter 2023 ended July 30, 2023, were flat compared with the prior-year period, at $1.8 billion. But those sales were up 43% from the second quarter of fiscal 2021. Net income decreased 9.9% to $164 million.
The distributor closed two acquisitions for a total of 10 new locations during the quarter: Foster Supply and Dangelo Co.
Sales in the quarter grew due to acquisitions and higher selling prices offset by a reduction in volume from comparably lower residential lot development. Net sales declines for pipes, valves and fittings were due to lower end-market volume partially offset by higher selling prices and acquisitions. Net sales growth for storm drainage benefited from higher selling prices and acquisitions. Net sales for fire protection products declined due to lower selling prices and volume on steel pipe. Net sales of meter products benefited from higher selling prices and higher volumes due to an increasing adoption of smart meter technology by municipalities and acquisitions.
Sales for the first six months decreased 0.7% to $3.4 billion compared with the same period a year ago. Net income for the six months decreased $22 million to $297 million.