Core & Main said fiscal first-quarter net sales were essentially flat at $1.91 billion, down $1 million from $1.911 billion a year earlier, as lower volume was offset by acquisitions.
Gross profit rose 2.0% to $520 million from $510 million, and gross margin widened 50 basis points to 27.2% from 26.7%.
Operating income increased 3.5% to $177 million from $171 million, while SG&A rose 2.0% to $299 million from $293 million, pushing SG&A to 15.7% of sales from 15.3%.
Net income climbed 7.6% to $113 million from $105 million. Diluted earnings per share increased 9.6% to $0.57 from $0.52, and basic EPS rose 7.5% to $0.57 from $0.53.
Adjusted EBITDA increased 0.9% to $226 million from $224 million, with adjusted EBITDA margin up 10 basis points to 11.8% from 11.7%. Adjusted diluted EPS rose 5.9% to $0.72 from $0.68.
Cash from operations increased to $82 million from $77 million.
Net debt fell to $2.010 billion from $2.276 billion a year earlier, a decline of $266 million.
During the quarter, the company repurchased 1.8 million shares for $88 million and then bought back another 0.8 million shares for $37 million after quarter-end.
Core & Main opened five greenfield locations in the quarter and reaffirmed its full-year fiscal 2026 outlook for net sales of $7.8 billion to $7.9 billion, adjusted EBITDA of $950 million to $980 million, and operating cash flow of 60% to 70% of adjusted EBITDA. Following these announcements, the company's shares moved 0.86%, and are now trading at a price of $52.63. For more information, read the company's full 8-K submission here.
