An expected slowdown in deals did set in during the quarter’s final month, but June was still busy by recent historical standards.
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Operating margin improved year-over-year across all three key business units, while the pace of organic sales declined.
The industrial parts distributor's profit margin grew 190 bps year-over-year despite sales growth that was less than half that of 1Q.
Despite a sequential slowdown in organic sales growth, the bearings giant was able to accelerate its operating margin growth.
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The decline reflected a broad industrial deceleration, led by a contraction in consumer durable goods.
A 10-day union strike would reportedly be the nation’s most expensive walk-out in at least 25 years, costing the economy more than $7 billion
The strong growth figures suggest that metal-cutting production has not been drastically affected yet by an industrial slowdown.
Cortland is a global designer, manufacturer and supplier of technologically advanced ropes, slings and tethers.
The distributor said the facility will stock drywall, acoustical ceilings, fiberglass insulation and spray foam.
Also known as AZ Partsmaster, the company reportedly had 2022 sales of approximately $155 million.
The distributor said the additions in Ohio and New York add resilience to its argon supply chain following recent logistics challenges.
Three of them were named to MDM's 2023 Top Distributors Lists.
Total year-over-year sales growth of 5.9% was a sharp slowdown compared to 1Q, as daily sales slowed in each month during the quarter.
Held Oct. 18-20 in Orlando, the event provides tailored agendas across tracks of Women in Industry, Emerging Leaders and Channel Pros.
After combatting COVID-19, the ongoing record Canadian wildfire season seems to have pressed the urgency for NYC officials to propose bills that would create new air quality standards.
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Optimism remains buoyed by strong order backlogs and feedback from customers noting that demand is still solid overall, albeit choppy.
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MDM won't deploy an Update newsletter on Tuesday while we're off for the Fourth of July holiday. We'll be back in action Wednesday.
