Earnings Roundup: Saint-Gobain, TriMas, Pentair, Schneider - Modern Distribution Management

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Earnings Roundup: Saint-Gobain, TriMas, Pentair, Schneider

MDM looks at another round of earnings reports from industrial distributors and manufacturers.
Earnings 2

We’re in the midst of another quarterly earnings reporting period for publicly-traded industrial distributors and manufacturers. Read below to learn about the most recent sales and revenue numbers for companies MDM typically covers, including: France-based building materials manufacturer Saint-Gobain; Bloomfield Hills, Michigan-based manufacturer TriMas; London-based water treatment company Pentair; and French digital automation products manufacturer Schneider Electric.

Saint-Gobain Reports 4.7% Organic Sales Growth in 1Q

On April 27, Saint-Gobain reported its 2023 first-quarter earnings, which included a 4.7% increase in organic sales versus the same period last year as all segments saw growth.

“In a difficult geopolitical and macroeconomic environment, the group continued to outperform its markets thanks to the pertinence of its strategic positioning at the heart of energy and decarbonization challenges, and to the strength of its local organization by country,” Saint-Gobain said in its earnings announcement.

On a reported basis, sales progressed by 3.3% to €12.4 billion ($13.67 billion USD), including a negative currency effect of 0.5%, the company said. The Americas Region delivered 0.5% organic growth, driven by prices and despite a decline in the new construction market, the company said. North American sales were driven by a comprehensive range of light construction solutions for interiors (gypsum, insulation, ceilings), despite a slowing new construction market, Saint-Gobain said.

TriMas 1Q Sales Drop 3.9% YoY

TriMas on April 27 reported 1Q 2023 net sales of $215.5 million, a decrease of 3.9% compared to $224.3 million in 1Q 2022, the company said. Organic growth in TriMas’ Aerospace and Specialty Products groups, and acquisition-related sales, were “more than offset by the anticipated lower demand for TriMas Packaging’s products primarily used in certain consumer goods and industrial applications, and the impact of unfavorable currency exchange,” the company said in a news release.

TriMas reported operating profit of $10 million in 1Q 2023, compared to $21.9 million in 1Q 2022. The company also reported 1Q 2023 net income of $4.9 million, or $0.12 per diluted share, compared to $14.2 million, or $0.33 per diluted share, in 1Q 2022.

“Our first quarter results came in largely as anticipated, with pockets of strength and strong backlogs in certain of our end markets,” said Thomas Amato, TriMas President and CEO. “Our Specialty Products group, following our focused improvement efforts and factory floor investments, leveraged strong market demand to achieve near-record quarterly margin levels, while our TriMas Aerospace group’s sales and backlogs were supported by increased aerospace production demand. As expected, our TriMas Packaging group experienced sustained demand pressures as some of our larger customers continued to work through high inventory levels. We are actively engaging with our customers as they evaluate their longer-term demand requirements in this current environment, while also continuing to assess and implement infrastructure cost efficiencies where practical.”

Pentair 1Q Sales Rise Modestly to $1B

On April 27, Pentair announced 1Q 2023 sales of approximately $1 billion, a 3% increase over the same period last year. The company also reported that 1Q operating income increased 26% to $184 million. First-quarter 2023 earnings per diluted share from continuing operations (“EPS”) were $0.78 compared to $0.71 in 1Q 2022. On an adjusted basis, the company reported EPS of $0.91 compared to $0.85 in the first quarter of 2022.

The company said that Industrial & Flow Technologies sales were up 9% compared to sales for the same period last year. Excluding currency translation, acquisitions and divestitures, core sales grew 11% in 1Q 2023. Segment income of $65 million was up 25% compared to 1Q 2022.

“Our diversified portfolio delivered strong performance in the first quarter which exceeded our sales growth, margin expansion and EPS expectations,” said John L. Stauch, Pentair’s President and Chief Executive Officer. “Transformation initiatives drove greater efficiencies across all three segments through pricing and sourcing while growth in Water Solutions and Industrial and Flow Technologies more than offset expected volume declines in Pool. Integration of our Manitowoc Ice acquisition remains on track and it has performed well with a strong backlog and accretive margins. We also published our Corporate Responsibility report last week highlighting progress towards our strategic targets.”

Schneider Electric Posts ‘All-Time High’ 1Q Revenue

Schneider Electric on April 27 reported its 1Q 2023 earnings, which included a quarterly “all-time high” revenue amount of €8.5 billion ($9.37 billion USD). Revenue for 1Q was up 15.8% organic and up 12.3% on a reported basis, the company said.

Products (56% of 1Q revenues) grew 11% organically in 1Q, while Systems (26% of Q1 revenues) grew 32%, Schneider said. Software & Services (18% of Q1 revenues) grew 12% during the quarter.

“Q1 is my last full quarter as CEO and I am pleased to confirm a strong start to the year 2023, with organic revenue growth of +16% in the first quarter in a continuation of the strong momentum seen over the past two years,” said Jean-Pascal Tricoire, Chairman and CEO. “Both of our businesses are performing strongly, generating double-digit organic growth in each, highlighting the broad-based demand for software and digitization, as well as sustainability and electrification, and reflecting the unique integration and synergies of our portfolio. All four regions that constitute our balanced global footprint are growing strongly, up double-digit in North America, Western Europe and Rest of the World. In Asia Pacific, China had a slow start as expected, with the rest of the region up double-digit.”

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