Posted February 16, 2022

Global Industrial 2021 sales grew 3.3 percent

Despite a 4.3-percent decline in the fourth quarter, Global Industrial Company's 2021 sales increased 3.3 percent to $1.06 billion compared to $1.03 billion last year. 

Global IndustrialIn the fourth quarter, sales decreased to $262.0 million compared to $273.9 million last year. The fourth quarter of 2021 had 61 selling days, five fewer days than the fourth quarter of 2020. Sales increased 3.5 percent on an average daily sales basis.

Fourth-quarter net income $43.0 million, or 53 cents per diluted share, increased from $16.2 million, or 42 cents, in the same quarter last year.

For the full year, net income of $103.3 million, or $1.84 per diluted share, rose from $65.4 million, or $1.68, in the previous year.

"Customer demand was strong throughout the quarter, and we were very pleased with the performance of core product lines. Open orders remained elevated as a result of ongoing constraints within the supply chain, which restricted top line results and had a modest impact on operational leverage," said Barry Litwin, chief executive officer. "We drove improved profitability as we navigated supply chain and inflationary pressures and optimized pricing intelligence to deliver a 37.0 percent gross margin, a quarterly record. Operating income improved 23.7 percent and for the second consecutive quarter we achieved double digit operating margins, a significant achievement."