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Core & Main Announces Fiscal 2021 Second Quarter Results ST . LOUIS , Sept. 14 , 2021 Core & Main , Inc. ( NYSE : CNM ) ( " Core & Main " ) , a leading specialized distributor of water , wastewater , storm drainage and fire protection products , and related services , today announced unaudited financial results for the second fiscal quarter and six months ended August 1 , 2021 . Fiscal 2021 Second Quarter Highlights ( Compared with Fiscal 2020 Second Quarter ) Net sales increased 35.7 % to $ 1,297.6 million ● CORE & MAIN Gross profit margin increased 100 basis points to 25.1 % Net income decreased 47.5 % to $ 9.5 million Adjusted EBITDA ( Non - GAAP ) increased 56.8 % to $ 155.2 million Adjusted EBITDA margin ( Non - GAAP ) increased 160 basis points to 12.0 % Net Debt Leverage ( Non - GAAP ) ( using Adjusted EBITDA on a trailing twelve - month basis ) decreased to 3.3x as of August 1 , 2021 compared with 5.2x as of May 2 , 2021 Closed two acquisitions subsequent to the quarter : L & M Bag & Supply Company , Inc. and Pacific Pipe Company , Inc. " Core & Main delivered exceptionally strong performance in the second quarter , achieving record net sales with nearly 36 % growth compared with the prior year , all while operating in a very dynamic environment , " said Steve LeClair , Chief Executive Officer of Core & Main . " We benefited from strong end market demand attributable to continued growth in municipal water infrastructure spending and robust housing demand . This materialized into strong volume gains as well as improved pricing , in part due to the inflationary trends across many of our product lines . The market momentum and rising material costs put pressure on the industry's supply chain and our internal resources , and I am very proud of how our team has managed these challenging conditions to provide consistent , reliable products and services to our customers . As a result of this execution and continued traction against our defined growth initiatives , we believe we outperformed our end markets and delivered core market share gains in the quarter . " Ⓡ " During and subsequent to the second quarter , we successfully completed our initial public offering of approximately 40 million shares of Class A common stock , inclusive of the full exercise of the underwriters ' over - allotment option , generating gross proceeds of approximately $ 802 million . We used proceeds from the offering to deleverage the balance sheet , positioning us with greater flexibility to pursue our growth strategies . " LeClair concluded , " We remained active in M & A during the quarter , announcing the acquisitions of L & M Bag & Supply Company and Pacific Pipe Company , both of which closed subsequent to the quarter . We also continued to pursue and expand our acquisition pipeline , positioning us for future growth . The outlook for our end markets remains positive , and we are confident in our ability to deliver above market results for our stakeholders in 2021 and beyond . "