Global Industrial Company (NYSE: GIC), Port Washington, N.Y., national distributor of industrial products and MRO supplies, reported sales for the second quarter ended June 30, 2024, were $347.8 million, a 6.8% increase from the same time last year.
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Profit for the quarter was $20 million.
Sales for the six months ended June 30, 2024, were $671.2 million, up 11.9% from $599.6 million for the first half of 2023. Profit was $33 million.
“We were pleased with top-line results given the current market cycle and the soft demand environment,” said Richard Leeds, Global Industrial’s Executive Chairman of the Board. “During the quarter we saw a continuation of cautious customer purchasing behavior and mixed revenue performance on a monthly basis.
“Gross margin improved on both a prior year and sequential quarter basis, while our bottom-line reflected planned investments in key growth initiatives across customer experience, marketing and sales.”
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