Industrial products and MRO supplies distributor Global Industrial Company, which rebranded from Systemax earlier this year, reported its 2021 second quarter earnings results on Tuesday, which showed solid sales growth both year-over-year and sequentially.
The Port Washington, NY-based company posted total Q2 sales of $273 million, up 12.6 percent year-over-year and up 8.6 percent from Q1. It was the company's fourth consecutive quarter of double-digit year-over-year sales growth.
Global Industrial said e-commerce comprised 57 percent of all transactions in Q2.
The company's gross profit was $98 million on margin of 36 percent, up from $85 million and 35.0 percent from a year earlier and up from $77 million and 30.88 percent in Q1. Q2 operating profit was $25 million on margin of 9.1 percent, up from $20 million and 8.3 percent from a year earlier and up from $7 million and 2.6 percent in Q1.
Global Industrial's total Q2 net profit was $21 million, up from $15 million of a year earlier and $5.5 million in Q1.
"Customer demand was healthy throughout the quarter, with solid performance across core categories, and within Global Industrial-branded products," said Barry Litwin, company CEO. "We were very pleased with profitability as we delivered gross margin gains on both a year over year and sequential basis, reflecting continued execution on our Accelerating the Customer Experience strategy, completion of the transition to a new third party logistic partner and proactive efforts to mitigate supply chain pressures which remain elevated."
