YOY sales climb 6.8% for Global Industrial
Global Industrial Co. reported its second quarter consolidated sales increased 6.8% to $347.8 million compared to $325.8 million last year.
Excluding Indoff, acquired on May 19, 2023, sales increased 1.8% in the quarter and 1.7% on an average daily sales basis.
Consolidated gross margin increased to 35.2% compared to 34.7% last year. Excluding Indoff, gross margin was 36.8%, a 110 basis point improvement over prior year.
Consolidated operating income from continuing operations decreased 9.3% to $26.4 million compared to $29.1 million last year. Excluding Indoff, operating income was $24.9 million, a decrease of 11.1%.
"Second quarter revenue improved 6.8% and on an organic basis revenue was up 1.8%," said Executive Chairman of the Board Richard Leeds. "We were pleased with top line results given the current market cycle and the soft demand environment. During the quarter we saw a continuation of cautious customer purchasing behavior and mixed revenue performance on a monthly basis. Gross margin improved on both a prior year and sequential quarter basis, while our bottom-line reflected planned investments in key growth initiatives across customer experience, marketing and sales.
"We continue to make investments that are intended to strengthen our competitive position, help us capture market share and enhance revenue growth," he added. "With a strong leadership team, and solid execution against our strategy, we believe we are well positioned to drive long-term financial performance and build value for our stockholders."
Year to Date Q2 2024 Financial Summary:
Consolidated sales increased 11.9% to $671.2 million compared to $599.6 million last year. Excluding Indoff, acquired on May 19, 2023, sales increased 3.0%.
Consolidated gross margin declined to 34.8% compared to 35.2% last year. Excluding Indoff, gross margin was 36.3%, a 50 basis point improvement over prior year.
Consolidated operating income from continuing operations decreased 6.6% to $43.8 million compared to $46.9 million last year. Excluding Indoff, operating income was $41.0 million, a decrease of 10.5%.
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Singer Industrial. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Rachael Radford, as well as interviews with numerous product and distribution industry experts.
