Eric Smith

Wayne, Pennsylvania-based buying group AD announced Monday that, on a same-store basis, member sales across all AD’s divisions and countries were down 6% through the first nine months of this year, to $33 billion. By business unit, nine-month plumbing, heating, cooling and piping same store sales were down 2%; electrical sales were down 7%; building […]

SRS Distribution Inc., McKinney, Texas, announced Friday it has acquired C.C. Supply, a distributor of residential and commercial roofing, siding, windows and doors, and other related products. Financial terms of the deal were not disclosed. Based in Barberton, Ohio, C.C. Supply was founded in the early 1970s by Tony Crookston Jr. and is currently owned […]

NOW Inc. (NYSE: DNOW), Houston, announced Friday that Dick Alario has stepped down from his short-term role as executive vice chairman of the company. Alario previously served as interim CEO from November 1, 2019, until the appointment of David Cherechinsky as president and CEO on June 1, 2020. At that time, Alario was appointed and served as executive vice chairman on an interim basis to assist […]

Bearings manufacturer RBC Bearings Inc. (Nasdaq: ROLL), Oxford, Connecticut, reported sales for the second quarter of fiscal 2021 of $146.3 million, down 19.6% from the same quarter last year. Profit was $20.4 million, a 34.8% decline from the second quarter of fiscal 2020. For the first six months of the fiscal year, sales totaled $302.8 […]

Landscape distributor Heritage Landscape Supply Group Inc., a McKinney, Texas-based subsidiary of SRS Distribution, has acquired Irrigators Supply Inc., a family-owned distributor of irrigation, agronomics, power equipment, and other landscape products. Financial terms of the deal were not disclosed. Also based in McKinney, Texas, Irrigators Supply was founded in 1998 by Kenneth & Patty Phelps […]

Pipes, valves and fittings distributor MRC Global Inc. (NYSE: MRC), Houston, reported third-quarter sales of $585 million, down 38% from the same period a year ago. The company reported a loss of $3 million, compared to a profit of $15 million last year. In the third quarter, U.S. sales were down 39% year-over-year to $463 […]

Building materials distributor Huttig Building Products Inc. (Nasdaq: HBP), St. Louis, Missouri, reported third-quarter sales of $212.7 million, a 1.4% decrease over the prior-year period. The company reported a profit of $6.1 million for the quarter, up from $1.6 million in the third quarter of 2019. Millwork product sales decreased 8.8% in the period to $90.8 million, building products […]

Cummins-Wagner Co. Inc., an Annapolis Junction, Maryland-based distributor, announced this week it has acquired F.R. Mahony & Associates Inc. Financial terms of the deal weren’t disclosed. Cummins-Wagner is a distributor of municipal water and wastewater equipment, industrial process equipment and HVAC equipment in the mid-Atlantic region. FRMA specializes in small wastewater systems from single-family homes […]

Cummins-Wagner Co. Inc., an Annapolis Junction, Maryland-based distributor, announced this week it has acquired F.R. Mahony & Associates Inc. Financial terms of the deal weren’t disclosed. Cummins-Wagner is a distributor of municipal water and wastewater equipment, industrial process equipment and HVAC equipment in the mid-Atlantic region. FRMA specializes in small wastewater systems from single-family homes […]

Building materials distributor Builders FirstSource Inc. (Nasdaq: BLDR), Dallas, reported third-quarter sales of $2.3 billion, a 15.9% increase from the same quarter a year ago. Core organic sales increased 6.7%, excluding acquisitions and commodity impacts. Profit of $85.9 million was a 10% improvement from 3Q 2019. During the quarter, the company announced the $2.5 billion […]

Real gross domestic product (GDP) increased at an annual rate of 33.1% in the third quarter of 2020, according to the “advance” estimate released Thursday by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4%. The increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, […]

United Rentals, Inc. (NYSE: URI), Stamford, Connecticut, reported third-quarter sales of $2.2 billion, down 12.1% compared to a year ago. Profit of $208 million was down 46.8% compared with a year ago. “We’re pleased with our third quarter results, particularly our cost performance and the quarter-over-quarter improvement in fleet absorption,” said Matthew Flannery, CEO of United […]

BlueLinx Holdings Inc., (NYSE: BXC), Atlanta, GA, reported sales for the third quarter of $871 million, an increase of 28.3% year-over-year. The company reported a profit of $55.1 million, compared to a loss of $7 million in the prior-year quarter. For the first nine months, the company reported sales of $2.2 billion, up 10.3% from […]

Avnet Inc. (Nasdaq: AVT), Phoenix, Arizona, reported sales for the fiscal first quarter of $4.7 billion, a 2% increase from the same period a year ago. Electronic component sales grew 2.1% to $4.4 billion. Avnet reported sales in the Americas of $1.2 billion, sales in EMEA of $1.5 billion and sales in Asia of $2 […]

Electronic components distributor Arrow Electronics Inc. (NYSE: ARW), Centennial, Colorado, reported third-quarter sales of $7.2 billion, up 2% compared with the third quarter of 2019. Net income of $166.1 million was up 80.2% from the year-ago quarter. Global sales of electronic components and solutions increased 5% to $5.3 billion for the quarter from the year-ago period. For […]

Lawson Products Inc. (NASDAQ:LAWS), Chicago, reported third quarter sales of $90.3 million, down 4.7% compared to the 2019 third quarter. Net income of $1.7 million was down from $4.8 million in the year-ago period. During the period, Lawson closed on the largest acquisition in company history with the $35.3 miillion purchase of Partsmaster, a Greenville, Texas-based […]

For any company looking to grow revenue by more than a third — as Applied Industrial Technologies Inc. says it hopes to accomplish in the coming years — an aggressive pursuit of M&A is paramount. Organic growth alone won’t help. And based on the industrial distributor’s overview of its M&A strategy this week, it’s apparent […]

The U.S. Census Bureau this week released advance indicators showing that the international trade deficit and wholesale inventories both decreased in September. The international trade deficit was $79.4 billion in September, down $3.7 billion from $83.1 billion in August. Exports of goods for September were $122 billion, $3.2 billion more than August exports. Imports of […]

SiteOne Landscape Supply Inc. (NYSE: SITE), Roswell, Georgia, on Wednesday announced sales for the third quarter of $751.9 million, up 15% from the same period a year ago. Net income increased 39% to $48.2 million. The company notched two acquisitions during the period — BURNCO Landscape Centres and Hedberg Supply. “Our acquisitions completed last year […]

Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, on Wednesday reported fiscal first-quarter sales of $747.8 million, down 12.7% compared to a year ago. The change includes a 1.1% increase from acquisitions, partially offset by a 0.4% negative impact from foreign currency translation. Excluding these factors, sales decreased 13.4% on an organic basis reflecting a 14.4% […]