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New South Construction Supply said an agreement to acquire American Contractor’s Supply has been dissolved.
The distributor reported 2022 first-quarter net sales of $5.7 billion, while net income grew 270.6% to $639.6 million.
Sales for the quarter were $319.4 million, compared to $245.6 million for 1Q 2021 and $293.1 million for 4Q 2021.
The distributor reported 2022 first-quarter gross profit of $136 million, compared to $103 million during the same quarter in 2021.
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Paul Schorr brings 35 years of information technology leadership experience to the fasteners manufacturer/distributor.
The company says the new Pleasant Prairie location has twice the warehouse space and better access to major expressways.
The electrical and industrial supplies distributor acknowledged that its official name has been somewhat ambiguous over the past decade.
The company says 2022 first-quarter revenue was $3.1 billion and net income from continuing operations attributable to Fluor was $48 million.
The Colorado-based company named Sean J. Kerins president and CEO and posted 1Q sales of more than $9 billion.
