Global Industrial Company (NYSE: GIC), Port Washington, N.Y., a value-added distributor, reported sales for its fiscal 2022 year ended Dec. 31, 2022, were $1.17 billion, up 9.7% from the prior-year period.
Net profit for the year was $78.1 million, up 11.4% from the prior-year period.
Global Industrial also reported that its sales for the fiscal fourth quarter of 2022 were $260.5 million, down 0.6% from the prior-year period. Net profit for the quarter was $13.4 million, down 33.9% from the prior-year period.
“Fourth-quarter results reflect the impact of economic headwinds and flat price/volume comparisons from the year-ago period, which benefited from strong price realization,” said Barry Litwin, CEO.