Commercial and industrial group segment sales of $299.9 million in the quarter decreased 7% from the first quarter a year ago.
The CFNAI Diffusion Index, which is also a three-month moving average, moved down to 0.32 in March from 0.21 in February.
Last weeks Pulse indicated that more than half of distributors indicated sales were down more than 5% than the previous week.
Indian River Consulting Groups weekly Pandemic Revenue Index for the week of April 6-10, 2020, indicated a 29.36% decline compared with the same week a year ago. The decline confirms that the improvement in the prior week was an anomaly.
Frank Lonegro most recently served as EVP and CFO at CSX Corporation.
Total industrial production fell 5.4% in March, as the COVID-19 pandemic led many factories to suspend operations late in the month.
In connection with these changes, Pentair is eliminating the role of COO effective June 6, 2020.
The energy index declined 5.8% in March, its largest monthly decrease since January 2015.
The MDM Market Snapshot, based on data from MDM Analytics, includes market demand for Welding Gases & Equipment in the U.S., plus the top end users by 6-digit NAICS.
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Though n improvement over the previous week's number, the uplift in sales may be due to large back-orders shipping, and not an indication that the situation is improving. When the exceptional sales mentioned by participants are excluded, the sales drop off would be very consistent to what was seen the prior week.
Profit for the quarter was $55.5 million, down 18.9% from the same quarter a year ago.
Sales for HARDI distributor members decreased by 0.1% during February, according to its monthly TRENDS report. The average annualized sales growth for the 12 months through February 2020 is 4%.
May Supply is a wholesale and retail distributor of plumbing and water system materials, and kitchen and bath design and fixtures, serving customers throughout west central Virginia from two locations.
During the first two months of this year, construction spending amounted to $193.5 billion, 8.2% above the $178.8 billion for the same period in 2019.
Total nonfarm payroll employment fell by 701,000 in March, and the unemployment rate rose to 4.4%, the U.S. Bureau of Labor Statistics reported.
Profit fell 13.7% during the quarter to $57.2 million.