Global Industrial Co. on Thursday reported stronger sales and profit numbers in the second quarter of the year, but its net income total was down compared to the same period last year.
The Long Island distributor — no. 19 on ID’s latest Big 50 — posted consolidated sales of $347.8 million, up 6.8% from the $325.8 million last April through June. Although the company’s revenue totals have been helped all year by its spring 2023 acquisition of Indoff, organic sales were also up by 1.8% year-over-year.
The company saw a gross profit of $122.5 million in the quarter — up from $112.9 million last year — along with a gross margin that climbed from 34.7% to 35.2%. Consolidated operating income from operations, however, fell 9.3% year-over-year, dropping from $29.1 million to $26.4 million.
Operating income was down by more than 11% when excluding Indoff’s operations.
Richard Leeds, the company’s executive chairman — who will take over as interim chief executive following CEO Barry Litwin’s previously announced departure next month — said that Global officials were pleased with the top-line results during “the current market cycle and the soft demand environment.”
“During the quarter, we saw a continuation of cautious customer purchasing behavior and mixed revenue performance on a monthly basis,” Leeds said. He added that the company would continue to make investments to “to strengthen our competitive position, help us capture market share and enhance revenue growth.”
