Net Income Soars to $110 Million Amidst Robust Revenue Growth
Revenue Continues to Impress
Core & Main, Inc.(CNM), a leading provider of waterworks and fire protection products and services, has reported its financial results for the second quarter of fiscal year 2023. The company's performance over the past quarter demonstrates its resilience and ability to deliver strong results despite ongoing economic challenges.
Core & Main, Inc. has recorded a remarkable net income of $110 million for the second quarter of 2023, showcasing a substantial increase from the $115 million reported during the same period last year. This surge in net income reflects the company's operational efficiency and strategic initiatives.
The company's net sales for the three months ended July 30, 2023, remained steady at $1.861 billion, mirroring the figure from the previous year. Over the six-month period ending July 30, 2023, Core & Main, Inc. reported total net sales of $3.435 billion, slightly lower than the $3.459 billion achieved during the same period in 2022. Despite the marginal decrease, the company's revenue remains robust, reflecting its strong market presence.
Operating Performance
Core & Main, Inc. managed to maintain a healthy gross profit of $501 million for the second quarter, in line with the previous year. Operating income for the quarter amounted to $226 million, demonstrating the company's operational resilience and ability to navigate market challenges effectively.
Managing Expenses
The company continued to manage its expenses efficiently during the second quarter. Selling, general, and administrative expenses totaled $238 million, compared to $230 million for the same period in 2022. Depreciation and amortization expenses stood at $37 million, slightly higher than the $34 million reported last year. These controlled expenses contributed to the company's solid financial performance.
Tax and Net Income
Core & Main, Inc. reported a provision for income taxes of $40 million for the second quarter, compared to $38 million in the previous year. After accounting for non-controlling interests, the company achieved a net income of $164 million, surpassing the $182 million recorded in the same quarter of 2022.
Earnings Per Share
The company's earnings per share for the second quarter were reported at $0.66 for both basic and diluted shares. For the six months ending July 30, 2023, Core & Main, Inc. reported earnings per share of $1.16 (basic) and $1.15 (diluted). The number of shares used in computing EPS remained relatively stable.
Strong Balance Sheet
Core & Main, Inc. maintains a strong financial position with total assets of $5.039 billion as of July 30, 2023. Current assets, including cash and cash equivalents, receivables, and inventories, remained substantial. The company's balance sheet reflects its commitment to financial stability and growth.
Cash Flow and Investments
During the first six months of 2023, Core & Main, Inc. reported a net cash inflow of $402 million from operating activities. The company invested $164 million primarily in capital expenditures and acquisitions of businesses, while financing activities included repurchasing partnership interests and distributions to non-controlling interest holders.
Despite global economic uncertainties, Core & Main, Inc. remains resilient and continues to deliver strong financial results. The company's ability to control expenses, maintain a robust balance sheet, and generate substantial revenue underscores its position as a leader in the waterworks and fire protection industry. Core & Main, Inc. is well-positioned for future growth and success.
For more information and detailed financial statements, please visit the company's official website or refer to its filings with the Securities and Exchange Commission.
