Distribution industry loses leading thinker in inventory management and asset optimization.
Sales in the companys Electronic Instruments Group were up 10%.
Mobile Industries sales decreased 2% compared with the same period a year ago.
Sales for the nine months ended September 30 were up 1.5%.
Presenso is a company that develops and deploys artificial intelligence (AI)-based predictive maintenance software.
Current dollar GDP increased 3.5%.
Year to date sales were up 6.9%.
Profit for the quarter was $50.8 million compared to a loss of $43.4 million the previous year's quarter.
Profit fell 20.7%.
The company also reported 3Q sales up 2% over 2018.
For the first nine months, sales were $16.2 billion, up slightly over the same period a year ago.
Organic sales were up 1% year over year.
Net income was $41 million, down 43% from a year ago.
Profit decreased to $2.1 billion in the second quarter, compared to $2.9 billion in third quarter 2018.
Three of the four board categories of indicators that make up the index decreased from August, and all four made negative contributions to the index in September.
MDM's top news briefs from News briefs from October 11 - October 25, 2019.
On average, businesses reported year-over-year revenue growth at +2.4% in the third quarter of 2019, which is below the forecasted +3.1% level, according to the latest Baird Industrial Distribution Survey, conducted in partnership with Modern Distribution Management. Growth decelerated 80 basis points compared to last quarters survey, marking the third consecutive quarter of slowing growth. This trend reflects weaker momentum in the industrial sector.
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