For a second straight month, none of the PMI's 10 subindexes registered monthly expansion.
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Lower volumes and last year's oil & gas divestiture weighted down on revenue growth, while the company continued to slash inventories.
That geographic segment includes gases and welding products distributor Airgas, which was No. 5 on MDM’s Top Industrial Distributors List.
Amid cooling inflation, that figure is an acceleration from 1Q's 2.0% growth.
The industrial distribution giant's results seemed to outperform the rest of the sector, with a sequential revenue growth slowdown more subdued than what others have reported in this earnings cycle.
The increase follows a one-month pause in June and despite recent sharp declines in wholesale and consumer inflation rates.
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An expected slowdown in deals did set in during the quarter’s final month, but June was still busy by recent historical standards.
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.
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.
