Hughes Supply is big winner

By Staff -- Industrial Distribution, 4/1/1999

As ID went to press, the stock of contractor supplies specialist Hughes Supply was soaring. After sinking to just below $18 a share recently, the stock rebounded more than 15 percent on March 16 when the firm announced a positive sales and earnings report

For the fiscal year ended Jan. 29, 1999, sales were $2.54 billion, a 30 percent increase over the prior year. Net income increased by 29 percent, to $61.4 million compared with $47.6 million last year. Diluted earnings per share increased to $2.55 compared with prior year diluted earnings per share of $2.33.

Additionally, the company's board of directors authorized Hughes to purchase up to 2.5 million of Hughes Supply's outstanding shares.

The stock was trading at just over $22 a share at press time, still down dramatically from its 52-week high of 39 3/4.

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