Core & Main Announces $500 Million Share Repurchase Authorization
12 Juni 2024 - 3:01PM
Business Wire
Core & Main Inc. (NYSE: CNM) (“Core & Main” or the
“Company”), a leader in advancing reliable infrastructure with
local service, nationwide, announced today that its board of
directors has authorized the repurchase of up to $500 million of
the Company’s outstanding shares of Class A common stock (the
“Repurchase Authorization”).
“We remain confident in our ability to grow faster than our end
markets, while expanding profitability and generating strong cash
flow. Today’s Repurchase Authorization displays our commitment to
returning capital to shareholders. Our expectation of strong cash
generation will allow us to continue investing in growth, both
organically and inorganically, while returning capital to
shareholders to compound long-term value creation,” said Steve
LeClair, chair and CEO of Core & Main.
The timing and amount of any share repurchases will be
determined by the Company at its discretion based on ongoing
evaluation of general market conditions, the market price of Core
& Main’s Class A common stock, the Company’s capital needs and
other factors. Under the Repurchase Authorization, share
repurchases may be made through a variety of methods, which may
include open market or privately negotiated transactions, including
accelerated repurchase transactions, block trades or trading plans
intended to comply with Rule 10b5-1 under the Securities Exchange
Act of 1934. The Repurchase Authorization does not obligate Core
& Main to acquire any particular amount of Class A common
stock, and it may be amended, suspended or terminated at any time
at the Company’s discretion. The Company currently expects to fund
the Repurchase Authorization using existing cash and cash
equivalents, short-term borrowings and/or future cash flows.
About Core & Main
Based in St. Louis, Core & Main is a leader in advancing
reliable infrastructure™ with local service, nationwide®. As a
leading specialized distributor with a focus on water, wastewater,
storm drainage and fire protection products, and related services,
Core & Main provides solutions to municipalities, private water
companies and professional contractors across municipal,
non-residential and residential end markets, nationwide. With more
than 350 locations across the U.S., the company provides its
customers local expertise backed by a national supply chain. Core
& Main’s nearly 5,500 associates are committed to helping their
communities thrive with safe and reliable infrastructure. Visit
coreandmain.com to learn more.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release include
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include information concerning Core
& Main’s financial and operating outlook, as well as any other
statement that does not directly relate to any historical or
current fact. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “could,” “should,”
“forecasts,” “expects,” “intends,” “plans,” “anticipates,”
“projects,” “outlook,” “believes,” “estimates,” “predicts,”
“potential,” “continue,” “preliminary,” or the negative of these
terms or other comparable terminology. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we can give you no assurance these expectations will
prove to have been correct. These forward-looking statements relate
to future events or our future financial performance and involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance, or
achievements to differ materially from any future results, levels
of activity, performance, or achievements expressed or implied by
these forward-looking statements.
Additional information concerning these and other factors can be
found in our filings with the Securities and Exchange Commission.
All forward-looking statements attributable to us or persons acting
on our behalf are expressly qualified in their entirety by the
foregoing cautionary statements. All such statements speak only as
of the date made and, except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240611941275/en/
Investor Relations: Robyn Bradbury, 314-995-9116
InvestorRelations@CoreandMain.com
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