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.
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.
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.