Posted November 2, 2021

Global Industrial Co. sales fall 2.9 percent

Global Industrial Company reported third-quarter sales of $277.4 million, a decline of 2.9 percent from $285.7 million in the same period last year.

Net income of $23.2 million, or 61 cents per diluted share, compared to $24.1 million, or 64 cents, in the third quarter of 2020.

"Customer demand was strong and accelerated in the period, however supply chain constraints limited product availability, resulting in a significant increase in open orders," said Barry Litwin, chief executive officer. "While this restricted our top line results, we were pleased to see continued growth in core product lines and private label products, which we believe reflects a healthy demand environment."

For the first nine months of the year, sales of $801.1 million increased by 6.1 percent from $755.1 million in 2020. Net income of $49.8 million for the nine-month period, or $1.31 per diluted share, improved from $47.7 million, or $1.26, in 2020.