HomeEquities ScoreHere is why Core & Main Inc. (CNM) stock plummeted in the...

Here is why Core & Main Inc. (CNM) stock plummeted in the after-markets on Monday?

Core & Main Inc. (CNM) shares plunged 8.38% in after-hours on Monday, January 3, 2021, and closed the daily trading at $28.20. However, in the regular trading session, CNM’s stock gained 1.45%. The stock volume remained 0.62 million shares. CNM shares have moved up by 2.77% in the past week. Over the past three months, the stock has gained 14.42%. Core & Main Inc. has a current market of $7.28 billion and its outstanding shares stood at 240.69 million.

Let’s have a brief look at its recent news.


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CNM secondary offering of common stock

On January 03, 2022, Core & Main, Inc. (CNM), announced an underwritten secondary public offering of 20,000,000 shares of its Class A common stock by certain selling stockholders. Core & Main will not receive any proceeds from the offering. it is expected that an additional 3,000,000 shares of Core & Main’s Class A common stock will be available to purchase.

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CNM latest financial results

On December 07, 2021, Core & Main, Inc. (CNM) reported unaudited financial results for the third fiscal quarter and nine months ended Oct. 31, 2021.

Q3 2021 financial highlights

  • CNM reported total sales of $1,404.8 million in the third quarter of 2021, compared with $1,012.5 million in the prior-year period.
  • The cost of sales was $1,034.2 million in Q3 2021 compared to $768.1 million in Q3 2020.
  • In Q3 2021, the gross profit was $370.6 million compared with $244.4 million in Q3 2020.
  • Selling, general and administrative expenses were $187.9 million compared with $144.8 million in the prior-year period.
  • It earned a net income of $109.3 million in the third quarter of 2021 compared with $21.6 million in the prior-year period.
  • Adjusted EBITDA was $189.1 million in Q3 2021 compared with $103.1 million in Q3 2020.
  • The company ended the third quarter with total liquidity of $845.9 million, consisting of $4.9 million of cash and cash equivalents

FY 2021 financial outlook

For FY 2021, Core & Main, Inc. now expects, Adjusted EBITDA to be in the range of $560 million to $580 million.

CNM acquired Catalone Pipe & Supply

On November 08, 2021, Core & Main, Inc., (CNM) completed its previously announced acquisition of substantially all of the assets of Catalone Pipe & Supply Co., based in Pennsylvania.

Catalone Pipe & Supply was founded in 1985 and is known for manufacturing custom concrete catch basins following their customers’ specifications, allowing them to lower project costs and increase efficiency on job sites.

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Conclusion

Core & Main stock plummeted after it announced its secondary offering of common stock but it can bounce back in the coming trading sessions on Tuesday.

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