Global Industrial Company on Tuesday reported stronger sales, profits and earnings in the second quarter of the year and said that it set a new record for profitability.
The Long Island-based distributor — no. 20 on ID’s most recent Big 50 — reported net sales of $358.9 million, up 3.2% compared to the $347.8 million reported in the same quarter last year.
The company’s gross profit increased from $122.5 million in the previous Q2 up to $133 million in the latest three-month window, while its gross margin climbed by 190 basis-points year-over-year to set a new quarterly record at 37.1%.
Operating income from continuing operations, meanwhile, also set a record at $33.5 million, a 26.9% increase year-over-year that translated to an operating margin of 9.3%. Net income in the quarter climbed from $20.3 million up to $25.1 million, or from $0.52 per diluted share up to $0.65.
Anesa Chaibi, who took over as CEO of Global Industrial earlier this year, said that revenues increased during each month in the second quarter thanks primarily to “our largest strategic accounts.”
“We delivered a strong second quarter performance with record profitability, and I'm proud of how we executed across the business, especially given the market disruption and uncertainty caused by the current tariff environment,” Chaibi said in the company’s earnings release.
Global Industrial said that it closed the quarter with $206.7 million in total working capital, along with $55.1 million in cash and cash equivalents and $120.4 million available under its credit facility.
