Global Industrial first-quarter sales increased 15% over 1Q 2021 to a record $288.6 million, the company said.
Gross profit for the latest quarter was $107.8 million, compared with $77.3 million in 2021’s first quarter.
2022 1Q gross margin set a record for the third consecutive quarter at 37.4%, while net income from continuing operations was $21.8 million.
“We delivered an exceptional first quarter performance with record revenue and profitability, driven by strong demand and excellent execution across the business,” Global Industrial CEO Barry Litwin said. “Revenue of $288 million was a quarterly record, and improved nearly 15% over the prior year, supported by strong sales trends throughout the period. For the third consecutive quarter we delivered record gross margin, which reached 37.4% in the quarter, and operating margin surpassed 10% resulting in more than $29 million in operating income. We also achieved a significant milestone in the first quarter as we delivered double digit operating margins for a cumulative twelve month period for the first time in our history.”
In a recent MDM podcast, Global Industrial CEO Barry Litwin discussed the company’s 2021 financial performance, as well as the strategic initiatives it is undertaking to continue a transformation process.