Global Industrial 4Q Sales Drop, Total-Year Sales Rise - Modern Distribution Management

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Global Industrial 4Q Sales Drop, Total-Year Sales Rise

The company said 4Q sales were $260.5 million — down 0.6% from the same quarter in 2021 — while total-year sales increased 9.7%.
Global Industrial shelf

On Feb. 21, Port Washington, New York-based Global Industrial reported its 2022 fourth-quarter and total-year earnings report, which showed 4Q sales dropped slightly while overall annual sales increased.

For 4Q 2022, sales were $260.5 million, down 0.6% from 2021’s fourth quarter, Global Industrial said. Sales during the quarter decreased 2.2% on an average daily sales basis.

Consolidated operating income declined 32.2% to $17.7 million compared with $26.1 million during 4Q 2021. Net income per diluted share from continuing operations also decreased 34.0% to $0.35 compared to $0.53 last year.

In November, Global Industrial had reported that its 3Q 2022 sales increased 7.6% to $298.5 million in compared to $277.4 million in 3Q 2021.

For 2022 as a whole, the company improved overall compared with 2021. Total-year consolidated sales increased 9.7% to $1.17 billion, compared with $1.06 billion in 2021.

Sales increased 9.3% on an average daily sales basis during 2022, Global Industrial said. Consolidated operating income for the year increased 19.5% to $105.2 million, compared with $88.0 million the prior year. Net income per diluted share from continuing operations increased 10.9% to $2.04 compared to $1.84 in 2021.

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