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Core & Main Inc. Class A (CNM+0.65%) has submitted its 10-Q filing for the quarterly period ended October 27, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $2,038 million from $1,827 million in the same quarter the previous year, driven primarily by acquisitions and higher end-market volumes.
Gross profit for the quarter was $543 million, compared to $494 million in the previous year, with a gross margin of 26.6%, slightly down from 27.0% due to larger prior year benefits from strategic inventory investments.
Operating income increased to $223 million from $217 million, with higher SG&A expenses of $274 million, up from $240 million, primarily due to acquisitions.
Interest expense rose to $36 million from $20 million due to increased borrowings under the 2031 Senior Term Loan and the Senior ABL Credit Facility.
Net income for the quarter was $140 million, down from $158 million in the previous year, attributed to higher interest and tax expenses.
Net income attributable to Core & Main, Inc. increased to $133 million from $112 million, due to a decreased allocation to non-controlling interest holders.
Cash provided by operating activities was $386 million, while cash used in investing and financing activities was $757 million and $380 million, respectively.
Core & Main had a working capital of $2,381 million as of October 27, 2024. The company continues to focus on acquisitions and integration of new businesses.
The filing also details various financial agreements, including amendments to the Senior Term Loan and Senior ABL Credit Facility.
Core & Main does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material changes to its risk factors or internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Core & Main Inc. Class A quarterly 10-Q report dated December 3, 2024. To report an error, please email earnings@qz.com.