Mission Statement, Vision, & Core Values (2024) of Core & Main, Inc. (CNM).

An Overview of Core & Main, Inc. (CNM)

General Summary of Core & Main, Inc. (CNM)

Core & Main, Inc. was established in 2017 and is a leading distributor of waterworks and plumbing products in the United States. The company provides a wide range of products and services, including:

• Pipes, valves, and fittings
• Storm drainage solutions
• Fire protection products
• Meter products

As of 2024, Core & Main reported total net sales of $3.705 billion for the six months ended July 28, 2024, reflecting a 7.9% increase compared to $3.435 billion in the same period in 2023.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Core & Main achieved record-breaking revenue, driven by robust sales in its primary product lines. Key financial metrics include:

• Total net sales for the three months ended July 28, 2024: $1.964 billion, up 5.5% from $1.861 billion in the prior year.
• Gross profit for the three months ended July 28, 2024: $518 million, representing a 3.4% increase from $501 million in the same quarter of 2023.
• Operating income for the same period decreased to $204 million, down 9.7% from $226 million year-over-year.
• Net income attributable to Core & Main, Inc. for the three months was $119 million, an increase of 8.2% from $110 million in the same quarter of 2023.
• Adjusted EBITDA for the three months ended July 28, 2024, was $257 million, down 4.8% from $270 million in the previous year.

For the six months ended July 28, 2024, the company reported:

• Net income of $227 million, down 23.6% from $297 million in the prior year.
• Earnings per share (EPS): Basic $1.11, diluted $1.11, compared to basic $1.16 and diluted $1.15 for the prior year.

Introduction to Core & Main as a Leader in the Industry

Core & Main stands out as a leader in the waterworks and plumbing industry, with a strong market presence and a comprehensive product portfolio. The company benefits from strategic acquisitions and a focus on innovative solutions, particularly in smart meter technology and advanced stormwater management systems. The significant growth in net sales from meter products, which rose 39.7% to $338 million for the six months ended July 28, 2024, exemplifies this trend.

Mission Statement of Core & Main, Inc. (CNM)

Core & Main, Inc. (CNM) Mission Statement

Core & Main, Inc. focuses on advancing reliable infrastructure through specialized distribution of water, wastewater, storm drainage, and fire protection products and services. The mission statement emphasizes their commitment to providing high-quality products and services that support essential infrastructure across the United States. This mission underpins the company's long-term goals and strategic initiatives, guiding their operational decisions and resource allocations.

Core Component 1: Quality

The first core component of Core & Main's mission statement is quality. The company strives to deliver products that meet stringent quality standards, ensuring reliability and performance in critical infrastructure applications. For instance, Core & Main's products include pipes, valves, fittings, and storm drainage systems that are essential for municipal and private water projects.

In the fiscal year ending January 28, 2024, Core & Main reported net sales of $3.7 billion, reflecting a 7.9% increase compared to the previous year. This growth was driven by a commitment to quality products and effective customer service, which have positioned the company as a trusted supplier in the infrastructure market.

Core Component 2: Service

The second core component is service. Core & Main emphasizes the importance of exceptional customer service in all interactions. The company operates approximately 350 branches across 49 states, providing localized support and expertise to its customers. This extensive network enables them to respond quickly to customer needs, which is crucial in the infrastructure sector where project timelines are often tight.

In the six months ended July 28, 2024, Core & Main achieved a gross profit of $986 million, which accounted for 26.6% of net sales. This performance indicates a strong service-oriented approach that not only drives sales but also enhances customer loyalty.

Core Component 3: Innovation

The final core component of the mission statement is innovation. Core & Main is committed to integrating advanced technologies into its product offerings. This includes the adoption of smart meter technology and innovative stormwater management solutions, which are increasingly important in modern infrastructure development.

For example, the introduction of smart meters has significantly enhanced operational efficiency and data management for municipalities, leading to better resource allocation and reduced wastage. The company's focus on innovation contributed to a 47.6% increase in net sales for meter products in the most recent quarter.

Conclusion

Core & Main, Inc.'s mission statement is anchored in quality, service, and innovation, reflecting its commitment to advancing reliable infrastructure. The company’s financial performance supports its dedication to these core components, as evidenced by its significant growth in net sales and gross profit margins in recent fiscal periods.

Vision Statement of Core & Main, Inc. (CNM)

Vision Statement Overview

The vision statement of Core & Main, Inc. (CNM) emphasizes its commitment to being a leader in the distribution of waterworks and plumbing products. The company aims to create a sustainable future by supporting the infrastructure needs of communities across the United States.

Commitment to Sustainability

Core & Main's vision includes a strong focus on sustainability, aiming to minimize environmental impact and promote the efficient use of resources. The company actively engages in initiatives that reduce waste and enhance the lifecycle of products.

• Target to reduce carbon emissions by 20% by 2025.
• Implementation of recycling programs across all facilities.
• Investment in renewable energy sources for operations.

Customer-Centric Approach

Core & Main prioritizes customer satisfaction and strives to deliver exceptional service and innovative solutions tailored to the specific needs of its customers. The company utilizes advanced technology to enhance customer interactions and streamline service delivery.

• Net Promoter Score (NPS) target of 75 by 2024.
• Launch of a new customer relationship management (CRM) system in Q3 2024.
• Expansion of the customer support team by 30% to improve response times.

Growth and Innovation

The company envisions significant growth through strategic acquisitions and innovation. Core & Main aims to expand its product offerings and enhance operational efficiency to meet the evolving needs of the market.

• Projected annual growth rate of 10% in the next five years.
• Investment of $200 million in research and development (R&D) by 2025.
• Acquisition of five new companies in the past year to broaden market reach.

Financial Performance Metrics

Community Engagement

Core & Main is dedicated to supporting the communities it serves through various initiatives that promote infrastructure development and education in water management.

• Partnerships with local governments to improve water systems.
• Scholarship programs for students pursuing careers in engineering and environmental sciences.
• Volunteering efforts by employees amounting to 10,000 hours in community service annually.

Technology Integration

The company leverages technology to enhance operational efficiency and customer experience. Core & Main invests in state-of-the-art systems that facilitate inventory management and supply chain optimization.

• Implementation of an advanced inventory management system by Q2 2024.
• Investment of $50 million in IT infrastructure upgrades.
• Partnership with tech firms to develop smart water management solutions.

Core Values of Core & Main, Inc. (CNM)

Core Value 1: Integrity

Integrity is foundational to Core & Main, Inc.'s operations. The company emphasizes ethical behavior, transparency, and accountability in all business dealings.

In 2024, Core & Main launched an internal ethics training program that reached over 90% of employees, reinforcing their commitment to ethical conduct. The program included case studies and interactive sessions to engage employees on integrity-related topics.

Core Value 2: Customer Commitment

Customer commitment is paramount at Core & Main, driven by the goal to provide exceptional service and innovative solutions to their clients.

In 2024, the company introduced a new customer relationship management (CRM) system, which has improved response times by 25%. This initiative aims to enhance customer satisfaction and retention rates.

Core Value 3: Innovation

Innovation is a core value that drives Core & Main to develop cutting-edge products and services that meet the evolving needs of the market.

In 2024, Core & Main invested $50 million in research and development, focusing on sustainable products and smart technologies. This investment has led to the launch of new eco-friendly product lines, which contributed to a 15% increase in sales for sustainable solutions.

Core Value 4: Teamwork

Teamwork fosters collaboration and a supportive work environment at Core & Main, enhancing overall productivity and employee satisfaction.

In 2024, the company implemented a cross-departmental project aimed at improving supply chain efficiency, which resulted in a 20% reduction in operational costs. Employee engagement surveys showed a 10% increase in satisfaction regarding teamwork and collaboration.

Core Value 5: Community Engagement

Community engagement reflects Core & Main's commitment to giving back and making a positive impact in the regions they operate.

In 2024, Core & Main contributed over $1 million to local charities and initiated volunteer programs that saw employee participation rise to 40%. Their efforts included supporting local education and environmental sustainability initiatives.

Core Value 6: Excellence

Excellence drives Core & Main to pursue the highest standards in product quality and service delivery.

In 2024, the company achieved an ISO 9001 certification, demonstrating their commitment to quality management. This certification process involved rigorous audits and improvements in operational processes, aiming for continuous enhancement of service quality.