Global Industrial Company (NYSE: GIC), a value-added MRO distributor, announced its second-quarter sales were $318 million, a 16.9% increase from the prior-year period. Net income was $22.8 million.
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“Second-quarter performance reflects the continued implementation of our ACE strategy and strong execution by the Global Industrial team. Revenue reached a quarterly record of $318 million, growing nearly 17%, with solid demand throughout the quarter. Gross margin remains healthy but pulled back from the record performance in the first quarter of the year, reflecting the impact of freight-fuel surcharges, select promotional activities, as well as the flow through of some higher cost inventory,” Global Industrial Company CEO Barry Litwin said.
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