Global Industrial Company reported growth in sales, profit and earnings in the first quarter of the year, but its margin totals were more muted compared to the same window last year.
The Long Island-based distributor — no. 18 on ID’s latest Big 50 list — posted $350.4 million in net sales in the quarter, an increase of 9.2% year-over-year and up 7.6% on a daily average basis. Gross profit rose from $112.1 million to $121.9 million year-over-year, while operating income and net income increased from $18.2 million and $13.5 million up to $20.6 million and $15.3 million, respectively.
The company’s operating margin of 5.9%, however, was up 20 basis points over that span, and its gross margin ticked down by 10 basis points to 34.8%.
Global Industrial CEO Anesa Chaibi called the results a “strong start” to the year and highlighted growth during each month of the quarter amid “both price and volume improvement.”
“Performance was led by our largest and most strategic accounts, while Canada delivered its third consecutive quarter of double-digit top-line growth,” Chaibi said in a statement. “We are making progress and are encouraged by the actions we have taken to reposition the business and refine our value proposition.”
Global Industrial reported $225.7 million in total working capital, $61.7 million in cash and cash equivalents, and $119.9 million in excess availability under its credit facility as of March 31.
