Eric Smith

Systemax Inc. (NYSE: SYX), the Port Washington, New York-based parent of Global Industrial, reported third-quarter sales of $285.7 million, up 17.1% from the same period the previous year. The company reported profit of $24.1 million, up 75.9% from $13.7 million in the third quarter of 2019. For the first nine months, the company reported sales […]

Bearings manufacturer SKF (STO: SKFA) Goteborg, Sweden, reported sales for the third quarter of SEK 18.6 billion (US$2.1 billion), down 11.6% over the same period a year ago. Profit fell 16% to SEK 1.9 billion (US$220 million). Sales in Europe dropped 12.5%, sales in North America decreased 11.9% and sales in Middle East & Africa declined 2.9%, […]

3M (NYSE: MMM), St. Paul, Minnesota, reported third-quarter sales of $8.4 billion, a 4.5% increase compared to the third quarter of 2019. Profit was $1.4 million, a 10.7% decrease compared to the prior year. Safety and industrial group sales of $3 billion were up 6.9% in U.S. dollars. Organic local-currency sales increased 6.9%. Transportation and […]

New orders for manufactured durable goods in September increased $4.3 billion or 1.9% to $237.1 billion, according to the U.S. Census Bureau. This increase, up five consecutive months, followed a 0.4% August increase. Excluding transportation, new orders increased 0.8%. Excluding defense, new orders increased 3.4%. Transportation equipment, up four of the last five months, led […]

Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, New York, reported sales of $3.2 billion for fiscal 2020, a 5.1% decrease compared to 2019. Full-year profit was $251.1. million, a 13.1% decrease compared with a year ago. For the fiscal fourth quarter ended Aug. 29, the company reported sales of $747.7 million, down 11.3% over the […]

Led by some further moderation in the growth of production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) declined to +0.27 in September from +1.11 in August. Three of the four broad categories of indicators used to construct the index made positive contributions in September, but three of the four categories decreased from […]

Of the numerous takeaways from Grainger’s third-quarter earnings report, released late last week, perhaps the least interesting ones had to do with the company’s financial metrics. Yes, the Chicago-based industrial distribution giant notched 3Q sales of $3 billion, up 2.4% compared to the year-ago quarter, or 4.6% on an organic daily basis compared to the […]

To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? MDM’s quarterly survey in partnership with investment banking firm Baird reveals distributor revenues, though still shy of pre-pandemic levels, rebounded sharply in 3Q to form the beginning of a V-shaped recovery. […]

U.S. cutting tool consumption totaled $136.1 million in August, according to the U.S. Cutting Tool Institute (USCTI) and The Association For Manufacturing Technology (AMT). This total, as reported by companies participating in the Cutting Tool Market Report collaboration, was down 33.5% when compared with the $204.7 million reported for August 2019 and down 0.2% from […]

Fasteners manufacturer and distributor Optimas Solutions, Glenview, IL has opened a new distribution facility in Overland, MO, near St. Louis. The 30,400-square-foot facility will handle the U.S. distribution of a new line of manufacturing consumable products focusing on personal protective equipment (PPE) and maintenance, repair, and operations (MRO). The post Optimas Solutions Opens DC in […]

Genuine Parts Co., the parent of Motion Industries — what GPC calls its “industrial parts group” — reported Thursday that the distributor’s third-quarter sales of $1.4 billion were down 18.6% year-over-year, or down 8.7% excluding the EIS divestiture, and represented 32% of total company revenues. The decrease in sales and sales excluding divestitures includes an […]

Pool Corp. (Nasdaq: POOL), Covington, LA, a wholesale distributor of swimming pool and related backyard products, reported third-quarter sales of $1.1 billion, up 26.8% from a year ago. Profit increased 49.8% to $119.1 million. Sales for the nine months ended Sept. 30 increased 18.4% year-over-year to a $2.6 billion. Profit grew 26.3% to $307.6 million. […]

Border States Electric, Fargo, N.D., this week announced a new regional structure to better serve customers and support manufacturers. This change takes effect January 1, 2021. Each region will consist of five service areas, delivering a more unified experience. “By moving to two large regions, we lean on the 10 service areas, led by outstanding individuals and teams, to further enable agility and responsiveness,” said David White, CEO. “Area leadership was an investment made as we expanded our footprint the […]

HVACR distributor Watsco Inc. (NYSE:WSO), Miami, FL, reported third-quarter sales of $1.5 billion, up 10.2% year-over-year. Profit increased 27.6% to $106.5 million, and diluted EPS of $2.76 was up from $2.40 a year ago and beat analysts’ estimates by 27 cents. Excluding acquisitions, Watsco’s HVAC equipment sales increased 10% in the quarter, other HVAC products increased 2% […]

Grainger (NYSE: GWW), Chicago, on Thursday reported third-quarter sales of $3 billion, up 2.4% compared to the year-ago quarter, or 4.6% on an organic daily basis compared to the third quarter 2019 (excluding divestitures). Grainger’s profit increased 3% to $240 million, while diluted earnings per share of $4.41 were up from $4.25 in 3Q 2019 and beat […]

Grainger (NYSE: GWW), Chicago, on Thursday reported third-quarter sales of $3 billion, up 2.4% compared to the year-ago quarter, or 4.6% on an organic daily basis compared to the third quarter 2019 (excluding divestitures). Grainger’s profit increased 3% to $240 million, while diluted earnings per share of $4.41 were up from $4.25 in 3Q 2019 and beat […]

Safety products manufacturer SureWerx, Vancouver, B.C., has acquired Geroline Inc., the St. Catharines, Ontario-based company behind the K1 Series brand of winter traction aids. Financial terms of the acquisition were not disclosed. “Adding K1 to our growing world-class portfolio of SureWerx brands continues to propel us toward our goal of becoming the global leader in […]

Indian River Consulting Group’s (IRCG) weekly Pandemic Revenue Index for the work week of Oct. 12 to Oct. 16 indicated a 2.6% increase compared with the same week a year ago, which means that excluding the week of Labor Day where four selling days in 2020 were compared to five in 2019, with three small […]

It’s official. White Cap earlier this week formally traded hands after HD Supply Holdings Inc. sold the building materials distributor for $2.9 billion to an affiliate of the private equity firm Clayton, Dubilier & Rice, which has combined the business with Construction Supply Group. The result is a $4 billion-a-year distribution giant that will immediately […]

Privately owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,553,000. This is 5.2% above the revised August rate of 1,476,000 and is 8.1% above the September 2019 rate of 1,437,000. Single-family authorizations in September were at a rate of 1,119,000; this is 7.8% above the revised August […]