- ISIN US8718511012
- Land United States
Global Industrial Company
GLOBAL INDUSTRIAL COMPANY REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS
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Sales of $323.4 Million, Increase 18.1% PORT WASHINGTON, NY / ACCESSWIRE / April 30, 2024 / Global Industrial Company (NYSE:GIC) today announced financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial Summary:
Barry Litwin, Chief Executive Officer, said, “First quarter revenue improved 18.1% to $323.4 million dollars and on an organic basis we posted our third consecutive quarter of growth with revenue up 4.2%. Our performance reflects a continuation of the cautious customer purchasing behavior we have seen for the past several quarters. E-commerce was once again our leading channel and we are seeing strong growth in our enterprise business as it benefits from new account generation and healthy retention rates. Order and volume trends were solid and partially offset by continued price headwinds. We remain pleased with gross margin performance, which was essentially flat on an organic basis for both the prior year and sequential quarter.” “We are focused on championing the customer across every facet of the business and delivering an exceptional end-to-end shopping experience. This includes enhancing the quality and value we provide, to elevating our position as a solutions provider and problem solver for our customers. We are making continued investments in sales, marketing, merchandising and customer service that will help us drive operating efficiencies, accelerate customer engagement, strengthen our competitive position and capture market share. We continue to differentiate our position in the market and in turn strengthen our ability to drive long-term performance.” At March 31, 2024, the Company had total working capital of $160.8 million, cash and cash equivalents of $29.9 million, and excess availability under its credit facility of approximately $120.7 million. Operating cash flow provided by continuing operations in the quarter was $6.3 million. The Company’s Board of Directors has declared a cash dividend of $0.25 per share to common stock shareholders of record at the close of business on May 13, 2024, payable on May 20, 2024. Earnings Conference Call Details Global Industrial Company will host a conference call and question and answer session on its first quarter 2024 results today, April 30, 2024 at 5:00 p.m. Eastern Time. A live webcast of the remarks will be available on the Company’s website at https://investors.globalindustrial.com in the events section. The webcast will also be archived on the website for approximately 90 days. About Global Industrial Company Global Industrial Company (NYSE:GIC), through its operating subsidiaries, is a value-added distributor. For 75 years, Global Industrial has gone the extra mile for its customers, currently offering hundreds of thousands of industrial and MRO products needed to run businesses and facilities. Global Industrial is committed to its customer-centric strategy, and utilizes a team of subject matter experts, products from its Global Industrial Exclusive BrandsTM and national vendor relationships to help customers succeed. Global Industrial, “We Can Supply That®”. Forward-Looking Statements This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s estimates, assumptions and projections and are not guarantees of future performance. When used in this release, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” and “plans” and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this report are based on the Company’s beliefs and expectations as of the date of this report and are subject to risks and uncertainties which may have a significant impact on the Company’s business, operating results or financial condition. Investors are cautioned that these forward-looking statements are inherently uncertain and undue reliance should not be placed on them. Important risk factors that may affect our future results of operations and financial condition are detailed from time to time in our Securities and Exchange Commission filings. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected events, except as may be required by applicable law. Investor/Media Contacts: GLOBAL INDUSTRIAL COMPANY
GLOBAL INDUSTRIAL COMPANY
GLOBAL INDUSTRIAL COMPANY
SOURCE: Global Industrial Company
04/30/2024 EQS Newswire / EQS Group AG |
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