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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.
The largest B2B distribution M&A deal finalized Monday, and it is going to have a big impact on electrical, industrial and datacomm distribution.
U.S. sales decrease 22 percent as company continues to deal with uncertainty surrounding the COVID-19 pandemic.
The industrial distributor said preliminary fiscal third-quarter sales were $835 million, which would mark a 3.6% decrease from year-ago period.
Distributor expects negative impact from COVID-19 to be reflected in second quarter results.
The safety category again stole the show for Fastenal Co. during its May sales report with a 136.3% increase, while the companys fastener business has likely hit the bottom during the COVID-19 disruption and could be on the upswing.
The company reported daily sales up 14.8% versus a year ago based on strength in safety.
While the COVID-19 pandemic has slowed M&A to a crawl in distribution and most sectors, companies that chose to hunker down rather than innovate during the pandemic could be targeted by savvy strategic and financial buyers once activity resumes.
Profit increased 51% to $11 million.
Profit increased 40.2% to $59.7 million.
Profit for the year was $126 million, compared to $105 million in 2019.
The company withdrew its full-year 2020 outlook on April 28, 2020, due to the uncertain impact of the COVID-19 pandemic and committed to provide monthly updates until it is better able to forecast future performance.
Combined net sales for the fiscal months of March and April (the first two months of the Company's fiscal third quarter) were $565.4 million, a decrease of 7.8% compared to the same period in the prior fiscal year.
The increase was mostly due to the acquisition of Ingersoll-Rand plcs Industrial segment by Gardner Denver Holdings, Inc. in February of 2020.
Average daily net sales increased 0.2%.
The company reported a loss for the quarter of $248.2 million, compared to a loss of $19.5 million during the first quarter of 2019.
The decline reflected lower sales to the Vehicle market, partially offset by growth in Industrial and Medical, which included contributions from Dynamic Controls.
Supply Technologies net sales declined 15% year-over-year and totaled $141 million compared to $165 million last year.
Pharmaceutical Distribution Services revenue was $45.6 billion, an increase of 9.3% compared to the same quarter in the prior fiscal year.
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