Infrastructure and industrial supplies distributor Core & Main reported financial results for its 2024 third quarter that ended Oct. 27, showing healthy year-over-year sales growth while net profit declined.

The St. Louis-based company posted 3Q sales of $2.03 billion, up 11.5% year-over-year. The company noted that the annual increase was primarily attributed to acquisition and higher end-market volumes, partially offset by slightly lower selling prices.

• Net sales for fire protection products declined due to lower selling prices and lower end-market volumes.
• Net sales for meter products benefited from the adoption of smart meter technology through municipalities, increased product availability and acquisitions.

Core & Main’s 3Q gross profit increased 9.9% year-over-year, with gross margin of 26.6% up 40 basis points year-over-year and up 20 bps from 2Q24. Operating profit of $223 million increased 2.8% year-over-year and topped 2Q24’s $204 million. Net profit of $140 million decreased 11.4% year-over-year but increased from 2Q24’s $126 million.

The company’s 3Q adjusted EBITDA of $277 million increased 6.5% year-over-year and likewise increased from 2Q24’s $257 million.

Core & Main announced 11 acquisitions so far in 2024, with the additions of ARGCO Northeast and Eastcom Associates as the most recent — both shared Oct. 9.

“We are raising our full-year outlook based on results to-date, recent acquisitions and our expectation that both prices and our end markets will remain stable through the end of the year,” Core & Main Chair and CEO Steve LeClair said in the company’s financial release. “The non-discretionary repair and replacement portion of our business remains resilient, and we are pleased with our level of execution to expand gross margins sequentially from the second quarter.”

The company now expects full-year net sales to range from $7.35 billion to $7.45 billion and adjusted EBITDA to range from $915 to $935 million.”

Core & Main ranked No. 1 on MDM’s 2024 Top Distributors List for Industrial PVF and No. 9 for Industrial Supplies.