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CORE & MAIN Core & Main Announces Fiscal 2021 Third Quarter Results ST . LOUIS , Dec. 7 , 2021 - Core & Main , Inc. ( NYSE : CNM ) ( together with its subsidiaries , " 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 third fiscal quarter and nine months ended Oct. 31 , 2021 . Fiscal 2021 Third Quarter Highlights ( Compared with Fiscal 2020 Third Quarter ) Net sales increased 38.7 % to $ 1,404.8 million Gross profit margin increased 230 basis points to 26.4 % Net income increased 406.0 % to $ 109.3 million Adjusted EBITDA ( Non - GAAP ) increased 83.4 % to $ 189.1 million Adjusted EBITDA margin ( Non - GAAP ) increased 330 basis points to 13.5 % Net Debt Leverage ( Non - GAAP ) ( using Adjusted EBITDA on a trailing twelve - month basis ) decreased to 2.8x as of October 31 , 2021 compared with 3.3x as of August 1 , 2021 Closed four acquisitions during and subsequent to the quarter : Pacific Pipe Company , Inc. , L & M Bag & Supply Co. , Inc. , CES Industrial Piping Supply , LLC and Catalone Pipe & Supply Co. Fiscal year 2021 Adjusted EBITDA guidance increased to $ 560 - $ 580 million , representing year - over - year growth of 64 % to 70 % " Core & Main delivered exceptional performance in the third quarter by capitalizing on strong end - market trends , proactively managing inflation and executing on our margin initiatives , " said Steve LeClair , Chief Executive Officer of Core & Main . " We benefited from strong demand across each of our end markets , attributable to continued growth in municipal water infrastructure spending , growth in land and lot development due to continued housing demand , and recovery in the non residential construction market . Despite ongoing inflationary trends across many of our product lines due to supply chain constraints and product availability challenges , our field and functional teams have done a fantastic job navigating the environment to provide consistent , reliable products and services to our customers . Our teams continue to execute at a very high level , leveraging our market leadership position and operational capabilities to gain market share and deliver EBITDA margin expansion during the quarter . " " We remained active in M & A during and subsequent to the third quarter , closing on the Pacific Pipe , L & M Bag & Supply , CES Industrial Piping Supply and Catalone Pipe & Supply acquisitions . Each of these acquisitions fits well within our core M & A strategy , offering expansion into new geographies , access to new product lines , consolidation of existing market positions and the addition of key talent . We will continue to pursue and expand our acquisition pipeline , positioning ourselves for continued growth . " LeClair concluded , " Overall , I am very proud of the entire Core & Main team as we continue to execute on our strategies to grow the business . With positive market tailwinds , a growing acquisition pipeline and steady momentum across our margin initiatives , we are confident in our ability to deliver strong results to our stakeholders for the remainder of 2021 and beyond . "