Global Industrial’s 2022 sales rose 9.7%
Global Industrial Company released financial results February 21 for the fourth quarter ended December 31, 2022, as well as for the 2022 full year.
Fourth Quarter 2022 Financial Summary:
- Consolidated sales decreased 0.6% to $260.5 million in U.S. dollars compared to $262.0 million last year. Sales decreased 2.2% on an average daily sales basis.
- Consolidated operating income declined 32.2% to $17.7 million compared to $26.1 million last year.
- Net income per diluted share from continuing operations decreased 34.0% to $0.35 compared to $0.53 last year.
Year Ended 2022 Financial Summary:
- Consolidated sales increased 9.7% to $1.17 billion in U.S. dollars compared to $1.06 billion last year. Sales increased 9.3% on an average daily sales basis.
- Consolidated operating income increased 19.5% to $105.2 million compared to $88.0 million last year.
- Net income per diluted share from continuing operations increased 10.9% to $2.04 compared to $1.84 last year.
Barry Litwin, Chief Executive Officer, said, "2022 was an outstanding year for Global Industrial as we executed against our ACE strategy and delivered a record financial performance for total revenue, as well as gross and operating margin. For the full year, we added $100 million in revenue, resulting in a 9.7% increase in net sales. Gross margin improved 90 basis points to 36.1% and we delivered a 9.0% operating margin, a 70 basis point improvement from 2021. With the strong financial performance in 2022, today we announced an increase in the quarterly recurring dividend for the 7th consecutive year. Fourth quarter results reflect the impact of economic headwinds and flat price/volume comparisons from the year ago period, which benefited from strong price realization. We were very pleased with the proactive management of gross margin in the quarter as we recorded improvement on a sequential basis and remain confident in our ability to manage our margin profile in the current cycle."
"As we enter 2023, we believe we have a strong game plan and a clear vision for our team to execute on. While uncertainty remains in the economic outlook, we are optimistic and excited by the opportunities we see for growth including, our ability to attract new enterprise customers, penetrate new vertical markets including healthcare and hospitality, expand our Global Industrial Exclusive Brand products, and deliver an innovative and personalized e-commerce experience. With strong cash flow from operations, and an exceptional balance sheet, we remain well-positioned to execute on our strategy, invest in our growth drivers, and build long-term value for our stakeholders."
INDUSTRIAL SUPPLY MAGAZINE
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