Core & Main Inc. (NYSE: CNM), St. Louis, Mo., reported sales were $2 billion, up 11.5% in the third quarter 2024 from a year ago. Profit fell 11.4% to $140 million.
The distributor of infrastructure products completed five acquisitions during and after the quarter.
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“We are raising our full-year outlook based on results to date, recent acquisitions and our expectation that both prices and our end-markets will remain stable through the end of the year,” said Steve LeClair, CEO of Core & Main. “The non-discretionary repair and replacement portion of our business remains resilient, and we are pleased with our level of execution to expand gross margins sequentially from the second quarter.”
Sales of PVF products and storm drainage products were higher, sales for fire protection products lower, and meter products were higher in the quarter.
Sales in the first nine months ending Oct. 27, 2024, were $5.7 billion, up 9.1%. Profit year to date was $367 million, down 19.3%.
