A follow-up phone call to the industrial distributors mid-April 1Q report provides detail behind dramatic shifts in growth rate, with EVP and CFO Holden Lewis highlighting how the company is pivoting to meet changing customer demands.
May 7, 2020
All but one participant in the Pandemic Revenue Index realized a sales decline year over year, with a maximum decline of 43%. We now have six weeks of double-digit average declines.
The decline reflected lower sales to the Vehicle market, partially offset by growth in Industrial and Medical, which included contributions from Dynamic Controls.
Supply Technologies net sales declined 15% year-over-year and totaled $141 million compared to $165 million last year.
Pharmaceutical Distribution Services revenue was $45.6 billion, an increase of 9.3% compared to the same quarter in the prior fiscal year.
Paul DeSantis will take over for Bonnie Lind as senior vice president, CFO and treasurer.