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Systemax, the parent of Global Industrial, reported profit nearly doubled to $24.1 million as the company notched all-time highs in quarterly operating profit and operating margin.
Bearings manufacturer sees sales drop 14.7% in first nine months of 2020 as soft demand environment continued to hit the company’s top-line performance.
Health care sales were strong with 25.5% growth, while safety and industrial group sales of $3 billion were up 6.9%.
Increase of manufactured durable goods is the fifth in a row following the double-digit growth in May, high-single-digit growth in June, double-digit growth in July and low-single-digit growth in August — all of which had been preceded by two decreases during the height of the coronavirus crisis.
Industrial distributor’s sales decline 11.3% in the fiscal fourth quarter ended Aug. 29 compared to year-ago period while profit dips 21.2%.
Latest Chicago Fed National Activity Index (CFNAI) shows that three of four broad categories of indicators used to construct the index made positive contributions in September, but all four categories decreased from August.
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Latest report shows U.S. cutting tool consumption down 0.2% from previous month of July, while year-to-date total is down 23.4% from same period of 2019.
Fasteners manufacturer and distributor Optimas Solutions enhances PPE and MRO product distribution with 30,400-square-foot facility.
