In the first quarter, Alibaba core commerce revenue increased by 35%, which was well off its pace of 70% in the previous quarter. After years of e-commerce dominance in China and abroad, Alibaba is now facing competition from an emerging array of smaller competitors such as Pinduoduo and JD.com. In order to boost its slowing […]
Mike Robuck
McNaughton-McKay to Buy Caniff Electric Supply
Electrical product distributor McNaughton-McKay Electric Company, Madison Heights, Michigan, announced on Tuesday that it has reached an agreement in principle to acquire Caniff Electric Supply. Financial terms of the deal, which is expected to close in early December, weren’t disclosed. Caniff Electric Supply, which is a large independent electrical distributor of construction products in southeast […]
Caster Concepts Promotes Backinger as VP of Sales
Caster Concepts Inc., which is based in Albion, Michigan, announced it has promoted Doug Backinger to vice president of sales. “Doug has provided great leadership for the sales team during some very challenging times,” said Caster Concepts President William Dobbins. “While not a lifelong salesperson, his engineering background provides great value to the team and […]
US Foods’ 2Q Sales Up 68%
US Foods Holding Corp. (NYSE: USFD), Rosemont, IL, reported second-quarter net sales of $7.7 billion, an increase of 68% from the same quarter a year ago. Gross profit increased 74.% to $1.2 billion in the second quarter. When adjusted for non-reoccurring items, US Foods posted earnings of 58 cents per share compared to a loss […]
Core & Main Wraps Up Acquisition of Pacific Pipe
Core & Main LP, based in St. Louis, Missouri, announced it has closed its previously announced deal to buy of Pacific Pipe Company, Inc., which is based in Hawaii. Financial terms of the deal weren’t available. The close of the deal, which was first announced early last month, was Core & Main’s 13th acquisition since […]
GMS’ Buying Spree Continues
GMS Inc. (NYSE: GMS), Tucker, Georgia, announced it has completed deals to buy DK&B Construction Specialties’ EIFS division and Architectural Coatings Distributors, Inc., as well as the recent openings of five greenfield locations. Financial terms of the deals weren’t available. “We are excited to announce the acquisitions of both the DK&B EIFS division and Architectural […]
How to Foster Change Management for Digital Transformations
To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? • Digital initiatives are more than just another project; they’re a mindset. • Distributors will benefit from ingraining their digital technologies within their companies and with their customers. • Incorporating a […]
Air Products’ 3Q Sales Up 26%
On Monday, Air Products (NYSE:APD), Lehigh Valley, Pennsylvania, announced third-quarter net sales of $2.6 billion, which was a 26% increase from the same quarter a year ago. Net income for the quarter rose to $533.6 million, which was up over 19% from the previous year. “The stability of our business and the dedication of our […]
AMT: Manufacturing Technology Orders Exceed Pre-Pandemic Levels
U.S. Manufacturing Technology Orders totaled $490 million in June, which was a 9% increase over May and a 42% increase over June 2020, according to the U.S. Manufacturing Technology Orders report published Monday by AMT – The Association For Manufacturing Technology. For the first half of 2021, orders totaled $2.51 billion, a 49% increase over […]
Trane’s 2Q Sales Up 22% Year-Over-Year
Trane Technologies PLC (NYSE: TT), Swords, Ireland, reported second-quarter sales of $3.8 billion, which was an increase of 22% year-over-year. Trane posted second-quarter profit of $464 million. Trane reported bookings of $4.4 billion in 2Q, which marked a 34% increase. “After an exceptional first quarter, we aggressively raised our guidance with an unequivocal goal of delivering […]
AmerisourceBergen’s 2Q Sales Increase 18%
On Wednesday, AmerisourceBergen Corp. (NYSE: ABC), Conshohocken, Pennsylvania, reported sales for fiscal third quarter of $53.billion, an increase of 18% year-over-year. The increase was largely driven by a 13.2% surge in the company’s Pharmaceutical Distribution Services revenue. The company reported third-quarter net income of $292 million. Gross profit in the third quarter of fiscal 2021 was […]
SiteOne’s 2Q Sales Spike by 33% in 2Q
SiteOne Landscape Supply Inc. (NYSE: SITE), Roswell, Georgia, on Wednesday announced that its sales for the second quarter jumped up by 33% to $33 billion when compared to the same quarter last year. In addition, the company’s net income increased by 56% year-over-year in 2Q to $123 million while gross profit increased 36% to $388.2 […]
HARDI Distributors Report 22.1% Revenue Increase in June
Heating, Air-conditioning & Refrigeration Distributors International (HARDI), Columbus, Ohio, released its monthly TRENDS report on Tuesday, which showed the average sales performance by HARDI distributors increased 22.1% in June. “Sales this month is being compared to a gain of 24.3% last year, so this is a very strong report, and the dollar weighted sales growth […]
Deeper Dive: How Grainger Continues to Evolve
W.W. Grainger’s second quarter earnings were marked by supply chain issues, raw material shortages, labor shortages and transportation challenges, but it continued to thrive and adapt, according to CEO and Chairman D.G. Macpherson. Chicago-based Grainger once again ruled the roost in MDM’s most recent rankings as the top distributor in the MRO Industrial category while […]
AMETEK Sales Increase by 37% in 2Q
On Tuesday, AMETEK, Berwyn, Pennsylvania, reported sales for the second quarter of $1.4 billion, which was a 37% increase over the second quarter of 2020. AMETEK, which is a global manufacturer of electronic instruments and electromechanical devices, had net income of $1 per share. Earnings, adjusted for amortization costs, came to $1.15 per share. Operating […]
Owens & Minor Sales Up 38% in 2Q
On Tuesday, Owens & Minor Inc. (NYSE: OMI), Richmond, Virginia, reported sales for the second quarter of $2.5 billion, up 38% year-over-year. The company posted net income in 2Q of $65.9 million, or $0.90 per share, compared to a net loss of $55 million, or $0.91 per share, last year. “We delivered a solid second-quarter, led […]
Kennametal’s 4Q Sales Increase 36% Year-Over-Year
Kennametal Inc. (NYSE: KMT), Pittsburg, Pennsylvania, reported fourth-quarter sales of $516 million, which marked a 36% increase over the same quarter in 2020. Kennametal reported fiscal fourth-quarter net income of $35.1 million, after reporting a loss in the same period a year ago Kennametal said it had a profit of 41 cents per share in the […]
Cook & Boardman Snaps-Up JDS
On Monday, Cook & Boardman, Winston-Salem, North Carolina, announced a deal to buy Everett, Washington-based JDS. Financial terms of the deal weren’t announced. Founded in 1989 by Randal Olsen and Dean Crosby, JDS is a turnkey provider of opening solutions including doors, frames, hardware and Division 10 specialty products. The company serves general contractors and […]
Cook & Boardman Snaps-Up JDS
On Monday, Cook & Boardman, Winston-Salem, North Carolina, announced a deal to buy Everett, Washington-based JDS. Financial terms of the deal weren’t announced. Founded in 1989 by Randal Olsen and Dean Crosby, JDS is a turnkey provider of opening solutions including doors, frames, hardware and Division 10 specialty products. The company serves general contractors and […]
ISM: Manufacturing Sector Down Slightly in July
Economic activity in the manufacturing sector continued to ramp in July as the overall economy grew for the 14th consecutive month after it had contracted in April of last year, according to the nation’s supply executives in the latest Manufacturing ISM Report On Business. On the flip side, the July Manufacturing PMI registered 59.5% , which was […]
