Bearings manufacturer sees sales drop 14.7% in first nine months of 2020 as soft demand environment continued to hit the company’s top-line performance.
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Health care sales were strong with 25.5% growth, while safety and industrial group sales of $3 billion were up 6.9%.
Industrial distributor’s sales decline 11.3% in the fiscal fourth quarter ended Aug. 29 compared to year-ago period while profit dips 21.2%.
After Grainger posted a moderate improvement in the third quarter, company executives dished on the distributor’s approach to acquiring new customers and how it is bolstering the company. Here's what they shared.
Genuine Parts Co., the parent of Motion Industries, reported that the distributor’s 3Q sales of $1.4 billion were down 18.6% year-over-year, or down 8.7% excluding the EIS divestiture.
In addition to setting a revenue record of $1.1 billion, the pool supply distributor saw profit increase nearly 50% for the quarter.
Year-to-date sales grow 5.5% from same period in 2019 as company posts profit growth for both the quarter and the first nine months of 2020.
Industrial distributor Grainger says its U.S. segment sales were up 3.1%, outgrowing the U.S. MRO market which declined an estimated 5% to 6%.
Despite just 2.5% sales growth in the third quarter, Fastenal is poised to take market share in industrial distribution, according to one analyst. See what the distributor has working in its favor.
Despite minor blip in global sales, Ferguson’s U.S. revenue grew 2.7% during the fiscal year with underlying trading profit growth of 5.2%.
Industrial distributor Fastenal saw its sales mix continue to return to normal in August, and the company again reduced its total workforce, this time by 7.5%, which is part of a larger industry trend toward omnichannel selling.
But industrial distributor also sees headcount continue to decline and the number of “selling personnel” is down nearly 10% compared to the same time last year.
CEO Michael DeCata reports the company is positioned for solid future growth, including acquisitions.
The company’s second quarter financial results report $5.2 billion in net income.
IRCG's weekly comparison of distribution business to previous year's data reflects 'unnerving sense of stability.'
The severity of the coronavirus crisis has exceeded that of the Great Recession more than 10 years ago, and while distributors haven’t been spared the impact of COVID-19, the industry is faring better than most.
Grainger’s sales dipped 2% last quarter as pandemic-related sales (e.g., PPE) again offset softness in its traditional product line, but non-pandemic sales are showing signs of life.
But year-to-date sales grow 2.6% from same period in 2019 as company posts “record, double-digit sales and profit growth rates in June,” according to Watsco's CEO.
Industrial distributor estimates that MRO market declined 14% to 15% during the quarter even as company gained share in the U.S.
June sales increased 20.4% over the same month a year ago as the company's safety and PPE sales continued to bolster company during pandemic.
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