We're in another quarterly earnings report season, with many well-known industrial distributors and manufacturers sharing their latest fiscal results.
Here's how the most recent quarter fared for Graybar, Cummins, Eaton, Flowserve, Emerson and Essendant.
St. Louis, MO-based electrical products distributor Graybar posted Q1 sales of $1.5 billion, up 4.4 percent year-over-year, while total profit of $17.7 million increased 17.5 percent.
"After five consecutive years of record net sales, Graybar sustained its momentum in the first quarter of 2017," said Graybar chairman, president and CEO Kathleen Mazzarella. "We set a new record for first quarter net sales by focusing on profitable growth, delivering exceptional service and strengthening our position in the supply chain. We will continue to execute on these strategic priorities as we pursue new opportunities to grow and innovate for the future."
Columbus, IN-based power genration and filtration products maker Cummins posted Q1 sales of $4.59 billion, up 6.9 percent year-over-year, while total profit of $396 million improved by $75 million. Operating profit of $546 million jumped by $76 million.
Q1 North America sales increased approximately 1 percent year-over-year, and improved by 17 percent internationally — primarily due to growth in China and Europe.
By segment in Q1:
- Engine sales of $2.0 billion increased 2.0 percent year-over-year
- Distribution sales of $1.6 billion increased 12 percent year-over-year, with organic sales up 6 percent, while a Q4 acquisition increased sales 6 percent
- Components sales of $1.3 billion increased 9 percent year-over-year
- Power Systems sales of $882 million increased 9 percent year-over-year
Dublin, Ireland-based power management manufacturer Eaton reported Q1 sales of $4.8 billion, up 0.7 percent year-over-year. The increase was comprised ot 2 percentage point growth in organic sales, partially offset by a 1-point decline from currency headwinds.
Eaton's Q1 profit of $432 million increased $29 million from a year earlier.
In the company's Hydraulic segment, Q1 sales of $587 million increased 6.5 percent year-over-year, with organic sales up 9 percent. Operating profit of $60 million increased 46 percent, powered by organic sales growth and lower restructuring costs.
Eaton's Electrical Products segment sales of $1.7 billion increased 1.9 percent, while Electrical Systems and Services sales declined 0.6 percent to $1.3 billion.
Eaton's Q1 Aerospace sales declined 3.8 percent year-over-year to $428 million, while Vehicle sales declined 0.9 percent to $788 million.
St. Louis, MO-based Emerson posted Q2 sales of $3.57 billion, which was flat year-over-year, while profit of $292 million declined 20.8 percent. The company said organic sales were flat.
The company's Q2 Industrial Automation sales decreased 3.5 percent, while Commercial and Residential Solutions ales increased 5 percent. Emerson noted that MRO activity in energy related markets continues to strengthen — particularly in North America.
Emerson said sales growth in the U.S., Europe and Asia — particularly in China — was offset by declines in the Middle East/Africa and Latin America.
Dallas, TX-based flow control products supplier Flowserve posted Q1 sales of $863.6 million, down 8.8 percent year-over-year, while total profit of $14.8 million decreased 60.8 percent. Total bookings of $958 million increased 5.3 percent.
“Flowserve’s results were solid, despite the continued challenges in our end markets and the first quarter’s seasonal effect,” said Flowserve president and CEO Scott Rowe. "Bookings in the period grew both sequentially and year-over-year, which supports our expectation that we are at, or near, the bottom of this cycle."
On Wednesday, Flowserve announced it has completed the sale of its Gestra AG business unit to Spirax-Sarco Engineering for $198 million. It previously announced the sale on April 3.
Deerfield, IL-based workplace essentials distributor Essendant (formely United Stationers), posted Q1 sales of $1.26 billion, down 6.2 percent year-over-year, while a net loss of $188.6 million was a large change from a $16.5 million profit a year earlier.
The company's Q1 industrial sales increased 7.3 percent to $146.7 million; technology products sales declined 13 percent to $306.4 million; Jan/San sales declined 8.5 percent to $334.4 million; and automotive sales decreased 0.8 percent to $78.8 million.
In its earnings release, Essendant announced that Janet Zelenka will become CFO effective May 26, succeeding the retiring Earl Shanks.