Global Industrial 3Q Sales Down

Third-quarter sales were $277.4 million and net income was $23.2 million, both down from 2020 3Q, but 9-month earnings are ahead of last year.
Global Industrial 2022 1q sales

Global Industrial Co. (NYSE: GIC), the Port Washington, New York-based parent of Global Industrial, saw net sales and income drop in 2021’s third quarter compared to the same time a year ago.

Net sales and income for the first nine months of the year, however, remained ahead of 2020 levels.

The company reported 3Q net sales of $277.4 million, a 2.9% decrease from the $285.7 million reported for the same period in 2020.

In 3Q 2021, Global reported $23.2 million in net income, a 3.7% decrease from the $24.1 million reported in 2020’s third quarter.

For the first nine months of 2021, the company reported net sales of $801.1 million, a 6% jump over the $755.1 million reported last year.

Net income for the first nine months was $49.8 million, an increase over the $47.7 million reported for that period in 2020.

“We had a solid third quarter and are very pleased with our margin performance and execution across the business,” CEO Barry Litwin said. “Customer demand was strong and accelerated in the period, however supply chain constraints limited product availability, resulting in a significant increase in open orders. While this restricted our top line results, we were pleased to see continued growth in core product lines and private label products, which we believe reflects a healthy demand environment. Gross margin achieved a record high of 36.8% and operating margin reached 11.0% as we benefited from increased sales of private label products, as well as from our strong capabilities in pricing intelligence and analytics. As a result, we delivered more than $30 million of operating income in the quarter.

Litwin continued, “This was a significant achievement in a challenging supply chain environment. Our operating performance reflects the efforts of our associates as they continue to implement our ACE strategy. We are seeing strong execution in pricing intelligence, private branded products, sales force efficiency and our rebrand and digital initiatives. While supply chain, labor and freight disruptions continue, we are proactively managing these challenges and utilizing our operational flexibility and entrepreneurial approach to address them. We are investing strategically in the business and remain disciplined in cost management, while enhancing our ability to deliver an exceptional customer experience. We believe we are well positioned for the future.”

The company reported year-over-year second quarter gains in August.

Related Posts

  • Global Industrial

    Global Industrial Co. reported profit grew 37.9% to $21.1 million as the company another strong…

  • SKF, 3Q, 2021, sales, third quarter

    The company says sales for the third quarter of 2021 were SEK 20.1 billion (US$2.3…

  • ABB new center Pennsylvania

    The Switzerland-based power and automation company reported sales of $7.9 billion, a 29% increase over…

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.