Posted May 6, 2022

Global Industrial Q1 sales up 14.9 percent

Global Industrial said its first-quarter sales increased 14.9 percent to $288.6 million compared to $251.1 million last year.

Global IndustrialSales increased 14.8 percent on an average daily sales basis.

Net income of $22 million, or 57 cents per diluted share, improved from $15.2 million, or 14 cents, in the same period last year.

"We delivered an exceptional first quarter performance with record revenue and profitability, driven by strong demand and excellent execution across the business," said Barry Litwin, chief executive officer. "Revenue of $288 million was a quarterly record, and improved nearly 15% over the prior year, supported by strong sales trends throughout the period. For the third consecutive quarter we delivered record gross margin, which reached 37.4% in the quarter, and operating margin surpassed 10% resulting in more than $29 million in operating income. We also achieved a significant milestone in the first quarter as we delivered double digit operating margins for a cumulative twelve month period for the first time in our history."