Eric Smith

Lawson Products Inc. (Nasdaq: LAWS), Chicago, reported second-quarter sales of $106.5 million, up 47.7% compared to 2Q 2020. Net income of $2.9 million was up significantly from $0.4 million in the year-ago period. “Lawson continues to generate solid operating results while maintaining a strong financial position,” said Michael DeCata, president and CEO. “Despite widely reported […]

Pumps, valves, and process equipment distributor Fischer Process Industries (FPI), Loveland, Ohio, this week announced the acquisition of H. E. Danby Co. Inc., an Indianapolis, Indiana-based distributor. Financial terms of the deal, which takes effect Aug. 2, weren’t disclosed. H. E. Danby’s previous president and owner, Cary Corcoran, said the acquisition should further amplify business […]

Crane Co. (NYSE: CR), Stamford, Connecticut, reported second-quarter sales of $796.4 million, a 23.6% increase compared to the second quarter of 2020. Profit soared to $138.3 million from $14.8 million in 2Q 2020. Process flow technologies segment sales increased 29.8% to $310.7 million; aerospace and electronics segment sales increased were flat at $157.5 million; and payment […]

Pentair plc (NYSE: PNR), London, UK, reported second-quarter sales of $941.1 million, a 31.9% increase compared to the year-ago period. Second-quarter profit was $132.1 million, up from $72.1 million in 2Q 2020. Consumer solutions sales were up 44% compared to sales for the same period last year. industrial and flow technologies sales were up 17 […]

Sonepar USA Holdings Inc., a Charleston, South Carolina-based subsidiary of privately held Sonepar Group, on Tuesday announced that Tammy Livers has been appointed as president of World Electric Supply. World Electric, a Sonepar company, is based in Jacksonville, Florida, and serves customers in Florida and Georgia. Livers, pictured right, brings to her new post more […]

New orders for manufactured durable goods in June increased $2.1 billion, or 0.8%, to $257.6 billion, according to the U.S. Census Bureau. This increase, up 13 of the last 14 months, followed a 3.2% May increase. Excluding transportation, new orders increased 0.3%. Excluding defense, new orders increased 1%. Transportation equipment, up two consecutive months, led […]

3M (NYSE: MMM), St. Paul, Minnesota, reported second-quarter sales of $8.9 billion, a 24.7% increase compared to the second quarter of 2020. Profit was $1.5 billion, a 16.7% increase compared to the prior year. Total sales grew 28.1% in transportation and electronics, 24.9% in health care, 22.4% in safety and industrial, and 20.4% in consumer. […]

Fresh off a solid second quarter and still riding the momentum of two recent and successful acquisitions, Miami, Florida-based HVACR giant Watsco Inc. has a message for independent distributors whose owners might be looking to exit the industry. “This is a time to sell,” Watsco CEO Albert Nahmad said on last week’s earnings call with […]

F.W. Webb Co., Bedford, Massachusetts, on Monday announced it has opened a new location in West Babylon, New York. This is the company’s third wholesale store on Long Island but its largest at 60,000 square feet. The new store will serve local contractors with plumbing, heating, HVACR, PVF and Liquid Propane (LP) gas inventory, as […]

Nichols Paper & Supply Co., Norton Shores, Michigan, on Monday announced the promotion of Hal Grossman to president and the upcoming retirement of longtime COO Kevin Rahrig on Dec. 24. Grossman will report to CEO Mike Olthoff. Grossman, pictured right, started at Nichols in 1996 and helped develop a strong health care presence early in […]

L&W Supply Corp., Chicago, on Monday announced it has finalized its purchase of the assets of the Eastern U.S. Gypsum Distribution Operations of Builders FirstSource Inc. (NYSE: BLDR). MDM first reported the deal on July 7. “We are excited to welcome the Builders FirstSource Eastern Gypsum associates, customers and suppliers to the L&W Supply family,” said Dan Piché, […]

RBC Bearings Inc. (Nasdaq: ROLL), Oxford, Connecticut, on Monday announced that it has agreed to acquire the Dodge mechanical power transmission division of Asea Brown Boveri Ltd. (ABB) for $2.9 billion. The purchase price represents 16.7x Dodge’s adjusted EBITDA for the 12 months ended June 30, or 10.6x to 11.9x adjusted EBITDA when including estimated run-rate synergies. Headquartered in Greenville, […]

Carlisle Cos. Inc. (NYSE: CSL), Charlotte, NC, reported sales for the second quarter of $1.2 billion, up 22% year-over-year. Profit for the quarter increased 31.7% to $99.3 million. “I am pleased that Carlisle’s performance continues to strengthen as we accelerate into the recovery,” said Chris Koch, chairman, president and CEO. For the first six months of […]

Danaher Corp. (NYSE: DHR), Washington, DC, reported revenue for the second quarter of $7.2 billion, a 36.5% increase over the same period a year ago. Profit of $1.7 billion was almost double 2Q 2020 profit of $892 million. For the first six months of 2021, Danaher reported sales of $14.1 billion, up 46% from the […]

Switzerland-based power and automation company ABB reported second-quarter sales of $8 billion, a 32% increase compared to the same period a year ago and a 24% increase on a like-for-like basis in local currencies. Profit grew to $752 million from $319 million. “Double-digit order growth was reported in all business areas driven by a broad-based improvement across most […]

Pool Corp. (Nasdaq: POOL), Covington, Louisiana, a wholesale distributor of swimming pool and related backyard products, reported second-quarter sales of $1.8 billion, up 29.6% from a year ago. Profit increased 64.8% to $259.7 million. “I am thrilled to announce that we, again, achieved spectacular results this quarter,” said Peter Arvan, president and CEO. “Demand remains […]

Genuine Parts Co., the parent of Motion — what GPC calls its “industrial parts group” — on Thursday reported that the distributor’s second-quarter sales of $1.6 billion were up 19.6% year-over-year and represented 33% of total company revenues. The increase in sales reflected a 16.4% increase in comparable sales, a 2.4% favorable impact from foreign […]

Sonepar USA Holdings Inc., a Charleston, South Carolina-based subsidiary of the privately held Sonepar Group, announced that it has agreed to acquire Springfield Electric Supply Co. Springfield, Illinois. Financial terms of the deal weren’t disclosed. Family-owned since 1912, Springfield Electric serves electrical contractor and commercial accounts. The company operates in Illinois, Indiana, Missouri and Iowa […]

HVACR distributor Watsco Inc. (NYSE:WSO), Miami, FL, reported second-quarter sales of $1.8 billion, up 36.5% year-over-year. Profit increased 66.4% to $144.1 million. Excluding acquisitions, Watsco’s HVAC equipment sales increased 29% in the quarter, other HVAC products increased 25% and commercial refrigeration equipment increased 45%. “Watsco delivered a blowout quarter with solid earnings growth and margin expansion from […]

The Chicago Fed National Activity Index (CFNAI) decreased to +0.09 in June from +0.26 in May. Three of the four broad categories of indicators used to construct the index made positive contributions in June, but two categories deteriorated from May. The index’s three-month moving average, CFNAI-MA3, declined to +0.06 in June from +0.80 in May. […]