Through the mid-point of 2024, it’s been a so-so year financially for Global Industrial Inc. and its sales.
For its fiscal second quarter ended June 30, Global Industrial posted revenue of $347.8 million. That compares to $325.8 million the prior year, a 6.8% gain. Global Industrial does about 60% of all its sales digitally.
But the growth in sales came primarily from the company’s acquisition of Indoff, which Global Industrial acquired for $72.6 million in cash in May. Indoff is a B2B direct marketer of material handling products, commercial interior products and business products with operations in North America.
Without Indoff, Global Industrial sales increased 1.8% in Q2 and 1.7% on an average daily sales basis. Net income for the second quarter was $20.3 million compared with $21.5 million in the second quarter of 2023.
Global Industrial sales in Q2
For the first six months of the year, Global Industrial sales increased 11.9%. That’s up to $671.2 million and compares to $599.6 million for the previous year. Excluding Indoff, sales increased 3%.
Global Industrial’s “retention trends remain healthy,” interim CEO Richard Leeds told analysts on the earnings call.
“During the quarter, we saw a continuation of cautious customer purchasing behavior with mixed revenue performance on a monthly basis,” Leeds said.
However, for the year, company growth predictions remain uncertain given current economic conditions, he told analysts.
“It’s been a challenging environment the first 6 months of the year, and our focus remains on the things within our control,” he said. “We continue to make investments that will strengthen our competitive position, help us capture market share and drive long-term revenue performance.”
Check back for more earnings reports. For reference, here’s last quarter’s update on Global Industrial sales.
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