Every material Form 8-K Core & Main filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Core & Main reported fiscal third-quarter 2024 net sales up 11.5% to $2,038 million and diluted earnings per share up 6.2% to $0.69, while net income fell 11.4% to $140 million. The company raised its full-year 2024 outlook, now expecting net sales of $7,350 million to $7,450 million and Adjusted EBITDA of $915 million to $935 million.
Q3 net sales rose $211 million, or 11.5%, to $2,038 million, driven mainly by acquisitions and higher end-market volumes.
Diluted EPS increased 6.2% to $0.69; net income decreased 11.4% to $140 million, mainly due to higher interest and income tax expense.
Full-year 2024 outlook raised: net sales of $7,350 million to $7,450 million and Adjusted EBITDA of $915 million to $935 million.
Net debt leverage was 2.7x as of October 27, 2024, compared with 1.5x a year earlier; the company deployed $100 million to repurchase 2.46 million shares.
Core & Main reported fiscal second-quarter 2024 net sales up 5.5% to $1.96 billion, helped by acquisitions, while net income fell 23.2% to $126 million and diluted EPS fell 7.6% to $0.61. The company lowered its full-year 2024 net sales and Adjusted EBITDA ranges, citing weather disruptions and lower end-market volumes, which matters to shareholders because it reduces the expected profit for the year.
Q2 net sales rose 5.5% to $1.96 billion; gross margin fell to 26.4% from 26.9%.
Full-year 2024 net sales range lowered to $7.3 to $7.4 billion; Adjusted EBITDA range lowered to $900 to $930 million.
Operating cash flow conversion range raised to 65% to 75% of Adjusted EBITDA.
Board approved a $500 million share repurchase program in June; net debt leverage was 2.7x as of July 28, 2024.
Core & Main appointed Michael Huebert, formerly executive vice president of sales at Advanced Drainage Systems, as President effective July 5, 2024, with employment expected to start July 22, 2024. Jack Schaller stepped down from the president role leading waterworks and became executive vice president, while Brad Cowles expanded his role to lead waterworks. The filing describes these as succession-planning changes and does not report any financial results.
Michael Huebert appointed President effective July 5, 2024; he is expected to start July 22, 2024
Huebert's employment agreement sets a $450,000 annual salary and a bonus of up to 75% of salary if performance targets are met
Huebert's initial equity awards include options and RSUs with aggregate fair values of $506,250 and $168,750 (annual) plus $500,000 each in options and RSUs (additional awards)
Jack Schaller moves to executive vice president; Brad Cowles takes on the waterworks product line
Core & Main reported fiscal first-quarter 2024 net sales up 10.6% to $1,741 million, driven mainly by acquisitions, while net income fell 24.1% to $101 million and diluted EPS fell 2.0% to $0.49. The company narrowed and raised its fiscal 2024 forecast for net sales and Adjusted EBITDA, but higher interest and SG&A costs and debt that rose to 2.7x Adjusted EBITDA leave the profit trend weaker than sales growth.
Net sales rose 10.6% to $1,741 million; net income fell 24.1% to $101 million
Diluted EPS fell 2.0% to $0.49 from $0.50; Adjusted EBITDA fell 1.4% to $217 million
Fiscal 2024 outlook now calls for net sales of $7.5 to $7.6 billion and Adjusted EBITDA of $935 to $975 million
Net Debt Leverage was 2.7x as of April 28, 2024, up 1.0x from a year earlier; five acquisitions closed during and after the quarter
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Core & Main filing is on SEC EDGAR ↗. 8-K briefs of other companies →