It was a notable acceleration from the building products distributor's 1Q growth, achieving company records in sales, profit and profit margin.
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A month-to-month acceleration in daily sales bodes well for fellow industrial distributors large and small.
Major distributors and manufacturers continue to raise their full-year outlook after better-than-expected 2Q results and persistent demand.
June 22 marked the 2-year anniversary of Wesco's landmark acquisition of Anixter International, which continues to drive major sales gains.
As evidenced by the latest round of quarterly earnings reports, some industrial distributors and manufacturers still see year-to-year growth.
France-based electrial supplies giant Rexel said 2022 first-half U.S. performance was sustained by growth in all three of its end markets, especially in industrial.
Core organic sales comprised half of the distributors' 24% sales growth year-over-year.
Sales outpaced that of 1Q at the industrial distribution giant, despite slowing throughout the quarter.
The online retail giant, which doesn’t break out Amazon Business sales in quarterly earnings reports, said overall net loss was $2 billion in 2Q.
In the latest earnings reporting period for publicly-traded companies, these distributors and manufacturers reported strong sales figures.
It's part of the toolmaker's plan to save $1.5 billion in three-year cost savings while shifting resources and reprioritizing investments.
For the second quarter of 2022, Genuine Parts Company reported record sales of $5.6 billion, a 17% increase over the same period a year ago.
Watsco reported a profit margin of 27.9% from their sales of $2.13 billion compared to last year’s $1.85 billion.
The manufacturer reported second-quarter 2022 sales of $1.136 billion, an increase of $55.2 million over the same period last year.
The Louisiana company reported ‘record’ second-quarter sales for 2022, up 15% from last year to $2.1 billion.
The company said it saw benefits of carryover pricing impacts from 1Q, alongside continued strong underlying demand from industrial and construction customers.
The distributor also said annual revenue is now targeted at $3.3 billion, up from the previous guidance of $3.1 billion.
The company reported fiscal 2022 third-quarter net sales of $958.6 million for the three-month period ended May 28.
The company reported gross margin of 30.3% and an operating profit of $712 million, which was a 36.9% increase over 2021’s fiscal 3Q.
While the pace of daily sales decelerated, overall sales remained robust as the company made further strides in hiring.
