Core & Main, Inc. reported second-quarter fiscal 2027 results, with performance anchored by stable municipal demand and data center development nearly doubling year-over-year. Treatment plant projects grew to a mid-single-digit percentage of total sales mix, delivering double-digit growth, while fire protection strength came from market share gains and favorable steel pricing. Residential lot development declined high single digits, but management expects comparisons to become more favorable in the second half. The company achieved 40 basis points of SG&A leverage, and full-year guidance assumes EBITDA margin expansion in the second half, particularly in the fourth quarter. Management noted an accelerated M&A pipeline with several opportunities in LOI and diligence stages, and executed record open market share buybacks for the second consecutive quarter, bringing total repurchases to approximately 25% of shares outstanding since the IPO. The acquisition of Walker Industries in Hawaii post-quarter end serves as a template for expansion, and refinancing extended debt maturities to support M&A and buybacks. In Q&A, management highlighted that the Miami-Dade project, the largest in the sector's history, is in pilot stages with only 5% to 10% of volume expected to ship by year-end before hitting full run rate in 2027.
Core & Main IncCore & Main reported Q2 fiscal 2027 results with 40bps SG&A leverage, EBITDA margin expansion guidance, record buybacks (~25% of shares since IPO), and an accelerated M&A pipeline.
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