Bearings manufacturer The Timken Co. (NYSE: TKR), North Canton, Ohio, said on Monday that it had posted record sales of over $1 billion in the second quarter, which were up 32% from last year. Additionally, second-quarter sales were up nearly 4% from the first quarter of 2021. Timken reported net income of $104.8 million, or $1.36 per diluted […]
Mike Robuck
AD Members Sales Increase 30% in First Half of 2020
Wayne, Pennsylvania-based buying group AD on Monday announced sales in the first six months of 2021 were $28.1 billion, which marked an increase of 30% across its 13 divisions and three countries. Same-store sales were up 17%. Purchases by member companies from AD supplier partners were up 34%. Net distributions to its members increased by […]
Würth Additive Group Expands Distribution of Markforged’s 3D Digital Forge
Würth Additive Group, a Würth Industry North America company, announced earlier this month that it had inked a global agreement with Markforged. Markforged is the creator of Digital Forge, which is an integrated metal and carbon fiber industrial 3D printing platform. The expanded agreement will blend Digital Forge into Würth Additive Group’s additive manufacturing solutions […]
Illinois Tool Works’ 2Q Sales Up 43%
On Friday, Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, reported second-quarter sales of $3.7 billion, up 43% over the same quarter in 2020. Illinois Tool Works (ITW) also reported second-quarter net income of $775 million versus $319 million a year ago. “In the second quarter, we saw continued improvement in both the breadth and […]
Boise Cascade Promotes Hoffman to SVP
Boise Cascade Co. (NYSE: BCC), which is based in Boise, Idaho, announced on Friday that it has promoted Tom Hoffmann to senior vice president. Hoffman currently leads Boise Cascade’s purchasing activities in its Building Materials Distribution (BMD) division. Hoffman started his 40-year career with Boise Cascade as a sales trainee at the company’s Salt Lake […]
AGCO Posts Net Sales Increase of 43.5% in 2Q
Farm equipment manufacturer and distributor AGCO (NYSE: AGCO, which is based in Duluth, Georgia, reported its net sales for the second quarter were approximately $2.9 billion, an increase of approximately 43.5% compared to the second quarter of 2020. Net sales for the first six months of 2021 were $5.3 billion, an increase of 33.6% compared […]
Fortive’s Revenue Increases 26.7% in 2Q
Fortive Corp. (NYSE: FTV), Everett, Washington, reported revenue for the second quarter rose 26.7% to $1.3 billion. Fortive posted net earnings of close to $181 million compared to $130 million in the same quarter a year ago. “Our results in the second quarter continued to demonstrate the success of our strategy, as highlighted at our […]
Border States Electric Names McConeghy as Chief Information and Digital Officer
Border States Electric, which is headquartered in Fargo, N.D., announced on Thursday that it has hired Nancy McConeghy as its chief information and digital officer. Prior to joining Border States Electric (BSE), McConeghy was the chief information officer for Sierra Nevada Corporation (SNC), which is a multi-billion-dollar aerospace and defense company. In that role, she […]
5 Misconceptions Distributors Have About E-Commerce Platforms
Is there a timeframe for e-commerce implementation? Can distributors get more out of their online presence beyond brand recognition? During a recent MDM webcast, “Myth-busting Common E-Commerce Misconceptions for Wholesale Distribution,” panelists borrowed a page from Discovery’s “MythBusters” show to answer these questions and more — debunking five myths that distributors often believe to be […]
Huttig Building Products’ Revenues Up 28.9% in 2Q
Driven by the robust demand in the residential building sector, building materials distributor Huttig Building Products Inc. (Nasdaq: HBP), St. Louis, Missouri, reported net sales of $247 million in the second quarter, which was $55 million, or 28.9%, higher than the same quarter a year ago. Huttig Building Products posted second-quarter net income of $14.9 […]
BEA: Real U.S. GDP Increases 6.5% in 2Q
Real gross domestic product (GDP) increased at an annual rate of 6.5% in the second quarter, according to the Bureau of Economic Analysis (BEA). In the first quarter, real GDP increased 6.3%. Imports, which are a subtraction in the calculation of GDP, increased in 2Q. BEA said in Thursday’s press release that the increase in […]
United Rentals’ 2Q Sales Up 18%
On Wednesday, United Rentals Inc. (NYSE: URI), Stamford, Connecticut, reported second-quarter sales of $2.29 billion, which was up 18% from $1.94 billion last year. For the first six months of this year, United Rentals posted a total of $4.43 billion in revenue compared to $4.06 billion over the same timeframe in 2020. Net income for the […]
Wynnchurch Capital Buys Trimlite
Wynnchurch Capital announced on Wednesday that it has bought Trimlite, which is a manufacturer and distributor of residential doors and related door products that’s based in Renton, Washington. Financial terms of the deal weren’t released. Founded in 1982, Trimlite has developed a presence across the U.S. and Canada by providing products and value-added services to […]
U.S. Census Bureau: Wholesale Inventories Up Slightly in June
Wholesale inventories for June, adjusted for seasonal variations and trading day differences, but not for price changes, were estimated at an end-of-month level of $715.0 billion, up 0.8% from May 2021 and up 10.2% from the same month a year ago, according to the U.S. Census Bureau. The international trade deficit was $91.2 billion in […]
Specialty Building Products Appoints Gerhard as EVP
Specialty Building Products (SBP) — the Duluth, Georgia-based parent of U.S. Lumber and other businesses — on Tuesday announced that it has hired Chris Gerhard to the newly created position of executive vice president. Gerhard, who was formerly vice president of sales at Trex Company, starts his new job in August and will join the […]
Distributors Continue to Mount Comebacks in 2Q
To continue reading this article you must be a paid subscriber. Subscribe to MDM Already Subscribed? Click here to log-in | Forgot your password? Distributors continued to recover from the impact of the pandemic with the second quarter of 2021 showing marked increases in sales and profitability. While demand continues to ramp up, distributors have […]
Bartlett Bearing Hits Refresh on Branding
Bartlett Bearing Company, Philadelphia, Pennsylvania, recently celebrated the company’s 70th anniversary by completing a refresh of its brand. While the Bartlett Bearing logo was unchanged, the company redesigned its website, which included a new navigation menu and new product photos. To better keep pace with the times, Bartlett Bearing, which is a family-owned and operated […]
U.S. Census Bureau: Manufacturing and Trade Shipments Down Slightly in May
The combined value of distributive trade sales and manufacturers’ shipments for May, adjusted for seasonal and trading day differences but not for price changes, was estimated at $1,615.9 billion, which was down 0.3% from April but was up 28.7% from the same month a year ago, according to the U.S. Census Bureau. Manufacturers’ and trade […]
Industrial Production Up 0.4% in June
Industrial production increased 0.4% in June after moving up 0.7% in May, according to the Industrial Production and Capacity Utilization Report, which was released Thursday by the Federal Reserve. In June, manufacturing output was down 0.1%, as an ongoing shortage of semiconductors contributed to a decrease of 6.6% in the production of motor vehicles and […]
DSG Hires Buelow as VP of Sales and Marketing
Dakota Supply Group (DSG), which is based on Plymouth, Minnesota, announced on Thursday that it has hired Chris Buelow as its vice president of sales and marketing. In his new job, Buelow will oversee all of DSG’s sales and marketing functions across its entire footprint. He will be based out of DSG’s Plymouth, Minnesota, office […]
