A healthier residential end market and an increase in average selling price bolstered Watsco’s total 2Q sales to $2.1 billion.
Latest In Earnings
The company's Safety & Industrial business unit saw a reversal from 1Q's organic decline.
Year-over-year sales and profit continued to slide at MRO supplies distributor Motion, though not as much as in 1Q.
Weak fastener sales continue to weigh on overall results, though the company indicated that customer acquisition efforts remain encouraging.
The company updated corrective actions it's taken in the wake of complexities in MSC's web pricing realignment rollout from earlier this year, which directly weakened sales and profits.
The company also acquired a Canada-based JanSan distributor earlier in June.
The distributor saw sequential improvement in 4Q as volume growth across major product lines was partially offset by steel price deflation.
MSC cited complexities in its web pricing realignment rollout as hurting March-May results, alongside weakness in heavy manufacturing.
Daily sales growth is up, yet still soft, following Fastenal's April low.
Ferguson said weakness in certain commodity categories persisted in the quarter, driving overall price deflation of about 2%.
Recent acquisitions drove most of the growth, more than doubling that of 4Q23.
CEO Ted Decker noted a weather-delayed start to spring and continued softness in certain larger discretionary projects.
1Q U.S. sales actually increased 2% year-over-year, driven by DNOW's acquisition of Whitco Supply that was completed during the quarter.
Gross margin had a modest annual improvement, while EBITDA shrunk.
The distributor had a considerable 1Q sales improvement vs. 4Q23, while all business segments saw continued annual declines.
The fasteners and industrial supplies distributor's 1Q acquisition of Koch Industries helped drive top-line sales growth.
Ahead of Resideo's major acquisition of Snap One that will signficantly expand ADI, the unit saw 1Q volume declines in several categories.
Year-over-year sales turned positive after a prolonged period of decline, while margins, profit and EBITDA all were down.
It was another deceleration as daily sales declined sequentially vs. March in all three of the company’s geographies and product lines.
Beacon's increase in residential and non-residential roofing product sales were primarily due to higher volumes driven by strong demand.
