The MRO supplies distributor's gross margin narrowly dipped year-over-year, though profits saw double-digit growth.
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Industrial and MRO parts distributor Global Industrial records momentum highlighted by a 7.4% increase in average daily sales in the fourth quarter.
The distributor said revenue growth was again driven by the company's largest strategic accounts.
The industrial and MRO parts distributor achieved company quarterly records for gross margin and operating profit as revenue improved throughout April-June period.
Performance was "significant" given the soft start in January and was led by Indoff and the Global's largest strategic accounts.
Colorado-based Oak View Group is a venue development, management and hospitality service for the live event industry.
Global Industrial's 2024 sales increase was predominantly driven by its 2023 acquisition of Indoff, though decelerating in the back half.
Anesa Chaibi, a veteran executive with experience in MRO distribution, was tapped for Global Industrial's top post.
The company attributed its decline in sales to a challenging demand environment and continued softness in its core customer base.
The company launched a multi-year marketing deal to enhance brand awareness and support community initiatives.
The industry veteran joins Global with over 20 years of strategy and marketing experience, most recently at Resideo.
The distributor noted cautious customer purchasing and mixed monthly revenue performance.
Barry Litwin has been the distributor’s top executive since early 2019 and has overseen considerable company innovations in his tenure.
That's down from 5.1% in 4Q, as Global's 2Q23 acquisition of Indoff Inc. continued to inflate its year-over-year results.
The distributor saw healthy 4Q organic growth, too, with comparable sales up 5.1% excluding GIC's May 2023 acqusition of Indoff.
Gary Michel fills a vacancy on Global Industrial's board left by Thomas Suozzi, who resigned after being elected to the U.S. House.
The distributor returns as a multi-race primary partner in the NASCAR Xfinity Series and will debut in the Cup Series.
Vizient is the largest provider-driven healthcare performance improvement company in the US.
The company's Spring 2023 acquisition of office products distributor Indoff powered most of the growth, while volume also improved.
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