New York industrial and MRO distributor Global Industrial Co. said Tuesday that its quarterly sales set a new record of more than $288 million during the first three months of the year.
The Long Island company said its consolidated sales increased 15% in the first quarter compared to the same period last year. The company also set another record — its third straight — for gross margin at 37.4%, while its operating income from continuing operations soared from $6.6 million in early 2021 to $29.5 million in the latest quarter, an operating margin of more than 10%.
Global CEO Barry Litwin said the company exceeded double-digit operating margins over a 12-month window for the first time in its history. Gross profits climbed from $77.3 million in the previous first quarter to nearly $108 million in its latest report, and net income from continuing operations jumped from $5.5 million last year to $21.8 million in the most recent quarter.
Global reported $138 million in working capital, $14.6 million in cash and cash equivalents and $46 million in available credit, along with some $25 million in outstanding debt. The company's board declared a cash dividend of $0.18 per share.
"Customer demand remains strong, and we believe we are well-positioned for long-term growth," Litwin said on the company's earnings call. "We continue to focus on operational excellence, embracing digital transformation, and investing in our people, private brand and operations."