Highest-materiality recent filing
Core & Main issues $750M 6% senior notes due 2034, refinances term loan with $800M 2033 facility
Issued $750M aggregate principal of 6.000% Senior Notes due July 1, 2034; interest payable semiannually.
Core & Main proposes $800M new term loan and $750M unsecured debt to refinance $1.23B
New $800M senior term loan with 7-year maturity; closing not conditioned on unsecured debt.
Core & Main Q1 net sales flat at $1,910M; EPS up 9.6% to $0.57; repurchases $88M in shares
Net sales $1,910M vs $1,911M YoY; gross profit +2% to $520M; margin +50 bps to 27.2%.
Core & Main extends $1.25B ABL facility to 2031, replaces Citibank with Wells Fargo
Extended $1.25 billion ABL credit facility maturity to April 9, 2031.
Core & Main Q4 net sales down 6.9% to $1.58B; EPS $0.37 (+12.1%); full-year sales up 2.8%
Net sales $1,581M down 6.9% in Q4 (one less week); avg daily net sales up 0.9%.
Core & Main Q3 net sales up 1.2% to $2.06B; board authorizes $500M buyback increase
Q3 net sales $2,062M (+1.2% YoY); net income $143M (+2.1%); diluted EPS $0.72 (+4.3%).
Core & Main Q2 sales +6.6% to $2.09B; cuts FY25 guidance on higher costs, soft residential demand
Net sales up 6.6% to $2,093M; net income up 11.9% to $141M; diluted EPS $0.70 (vs $0.61).
Core & Main Q1 FY2025 net sales up 9.8% to $1.91B, net income up 4%, reaffirms FY outlook
Net sales $1,911M (+9.8% YoY); gross profit $510M (+9.0%); net income $105M (+4.0%).
Core & Main Q4 sales up 17.9% to $1.7B, but net income down 11.8%; full-year EPS $2.13
Q4 net sales $1,698M (+17.9% YoY); full-year sales $7,441M (+11.0%)
Core & Main: CEO LeClair becomes Executive Chair; Witkowski named CEO, Bradbury CFO
CEO Steve LeClair transitions to Executive Chair effective March 31, 2025; CFO Mark Witkowski succeeds him as CEO and joins the Board.
Core & Main enters $944M term loan refinancing; repays Tranche C and part of Tranche D loans
Borrowed $744M Tranche E Term Loans plus $200M Supplemental Term Loans total $944M on Dec 17, 2024.
Core & Main posts record Q3 sales $2,038M (+11.5%), Adj EBITDA $277M (+6.5%)
Net sales $2,038M (+11.5% YoY); gross profit margin 26.6% (down from 27.0%) on prior-year inventory benefits.
Core & Main Q2 net income down 23%, EPS $0.61; sales up 5.5% to $1.96B
Net sales up 5.5% to $1,964M; net income down 23.2% to $126M; diluted EPS $0.61 (down 7.6%).
Core & Main appoints Mike Huebert as President; Schaller transitions to EVP
Michael Huebert appointed President (eff. July 5), starting July 22; base salary $450K with bonus up to 75%.
Core & Main authorizes $500M share repurchase program for Class A common stock
Board authorized stock repurchase program for up to $500 million of Class A common stock.
Core & Main Q1 net income down 24% to $101M; sales up 10.6% to $1.74B
Net sales up 10.6% to $1,741M; gross margin down 100 bps to 26.9%.
Core & Main Q4 sales $1.44B (+4.8%), diluted EPS $0.34; FY24 rev guidance $7.4-7.6B
Q4 net sales +4.8% to $1,440M; diluted EPS $0.34 (+9.7%); Adjusted EBITDA $160M (-2.4%).
Core & Main enters $750M incremental term loan, extends ABL revolver to 2029
New $750M seven-year term loan facility at SOFR + 2.25% or base rate + 1.25% matures Feb 9, 2031.
Core & Main CEO LeClair appointed Chairman; CD&R directors resign after fund exits
Four CD&R-affiliated directors (Berges, Rorick, Sleeper, Zrebiec) resigned Feb 7, 2024.
Core & Main plans $750M term loan issuance (2031) and ABL facility extension to 2029
Borrow up to $750M in new term loans with maturity in 2031 under amended Term Loan Credit Agreement.
Selling stockholders (CD&R) launch secondary offering of 19.8M shares at $40.985
Selling stockholders include CD&R Fund X entities and CD&R Waterworks Holdings.
Selling stockholders price 17M Core & Main shares at $38.12; underwriters exercise 2.55M greenshoe
Underwriters agreed to purchase 17M shares from CD&R entities at $38.12/share; option for 2.55M more exercised in full.
Selling stockholders to sell 15M shares of Core & Main at $35.54 per share
CD&R entities (Selling Stockholders) agreed to sell 15M shares of Class A common stock via underwritten offering.
Core & Main Q3 net sales flat, net income down 11%; raises FY EBITDA guide to $890-910M
Net sales $1,827M (+0.5%), net income $158M (-11.2%), diluted EPS $0.65 (flat YoY).
CD&R selling 19M shares of Core & Main at $30.44 in secondary offering
Selling stockholders (CD&R funds) offer 19M Class A shares at $30.44/share; underwriter has 30-day option to buy 2.85M more.
Core & Main reports preliminary Q3 FY2023 net sales ~$1.83B, net income down ~11% YoY
Preliminary Q3 net sales $1,822M-$1,832M (flat YoY vs $1,818M); net income $153M-$163M vs $178M YoY.
Core & Main completes 18M share secondary offering at $29.015; ceases 'controlled company'
Selling stockholders sold 18,000,000 Class A shares at $29.015 each via underwriter J.P. Morgan.
Net income $164M (-9.9% YoY); diluted EPS $0.66 (-1.5%).
Core & Main Q1 adj EBITDA +0.5% to $220M; raises FY23 guidance
Net sales $1,574M (-1.5% YoY); gross margin 27.9% (+160 bps) driven by price increases and acquisitions.
Net sales $6,651M (+32.9% YoY); net income $581M (+158.2%); Adjusted EBITDA $935M (+54.8%).
Core & Main Q3 net sales up 29% to $1.82B; raises FY2022 adjusted EBITDA guidance to $910-930M
Net sales $1,818M (+29.4% YoY); net income $178M (+63.3%); adjusted EBITDA $275M (+45.5%).
CD&R funds sell 11M shares of Core & Main in secondary offering at $23.534/share
Selling stockholders (CD&R) sell 11,000,000 Class A shares at $23.534/share to Goldman Sachs.
Core & Main Q2 net sales up 43.4% to $1.86B; raises FY22 Adj. EBITDA guidance
Net sales $1,861M (+43.4% YoY); net income $182M vs. $10M prior year.
Core & Main ups ABL facility by $400M to $1.25B, adopts SOFR rate
Aggregate commitments under ABL revolving credit facility increased by $400M to $1.25B overall.
Core & Main reports record Q1: net sales up 52% to $1.6B; Adj EBITDA up 101% to $219M
Net sales $1,598M (+52% YoY); gross margin 26.3% (+200 bps); net income $137M vs $27M.
Core & Main reports Q4 net sales up 50% to $1,246M, Adjusted EBITDA +113% to $151M
Net sales Q4 $1,246M (+50% YoY); FY21 $5,004M (+37%).
the Board approved an increase in the size of the Board from nine directors to ten directors and appointed Mr. Witkowski to fill the newly-created vacancy as a Class I director.
Robyn Bradbury, age 42, the current Senior Vice President of Finance and Investor Relations, will become the Chief Financial Officer of the Company
Stephen O. LeClair, age 56, the current Chief Executive Officer, will retire from the position of Chief Executive Officer and all positions held with subsidiaries of the Company. Mr. LeClair will become the Executive Chair of the Company
Mark R. Witkowski, age 50, the current Chief Financial Officer, will become the Chief Executive Officer of the Company
the Board of Directors (the “Board”) of Core & Main, Inc. (“Core & Main” or the “Company”) appointed Michael G. Huebert, age 51, as President of the Company, overseeing certain initiatives aligned with Core & Main’s growth strategy.
James D. Hope was appointed to the Board as a Class I director to fill the vacancy on the Board created by the increase in Board size.
In addition, the Board, upon the recommendation of the Nominating and Governance Committee of the Board, appointed James G. Castellano to the newly created position of Lead Independent Director of the Board.
Further, on February 7, 2024, Ian A. Rorick, Nathan K. Sleeper and Jonathan L. Zrebiec each informed the Company of their decision to resign from their positions as members of the Board, effective immediately.
Further, on February 7, 2024, Ian A. Rorick, Nathan K. Sleeper and Jonathan L. Zrebiec each informed the Company of their decision to resign from their positions as members of the Board, effective immediately.
On February 7, 2024, the Board, upon the recommendation of the Nominating and Governance Committee of the Board, appointed Stephen O. LeClair to replace James G. Berges as Chair of the Board.
On February 7, 2024, James G. Berges informed Core & Main, Inc. (the “Company”) of his decision to resign from his position as Chair of the board of directors (the “Board”) of the Company, various committees of the Board and as a member of the Board, effective immediately.
Further, on February 7, 2024, Ian A. Rorick, Nathan K. Sleeper and Jonathan L. Zrebiec each informed the Company of their decision to resign from their positions as members of the Board, effective immediately.
Max materiality 0.85 · Median 0.70 · Most common event earnings