Pipes, valves and fittings distributor MRC Global Inc. (NYSE: MRC) of Houston announced that current Chairman of the Board Rhys J. Best will retire the annual meeting of the company’s stockholders scheduled May 5. The company’s board of directors has selected Robert L. (Bob) Wood to be its next chairman, “effective and contingent upon his […]
Category: Operations
AMETEK Increases Dividend, Announces Changes
Berwyn, Pennsylvania-based manufacturer AMETEK said its board of directors has approved a 10% increase in its quarterly cash dividend on common stock to $0.22 per share from $0.20 per share. The dividend is payable on March 31 to shareholders of record as of March 10. This dividend increase will raise the indicated annual rate to […]
JGB Enterprises Adds 2 Execs
Liverpool, New York-based JGB Enterprises, Inc. — a company backed by HCI Equity Partners — has added two new executives. Benjamin Judd joins the company’s senior leadership team as vice president of industrial sales, and Michael Hawn joins as vice president of government services. Judd joins JGB from Eaton Corporation, where he worked as district […]
RBC 3Q Sales Jump 83%
Bearings manufacturer RBC Bearings Inc. (Nasdaq: ROLL) of Oxford, Connecticut, reported 2022 fiscal third-quarter net sales of $267 million, an 83% jump over the same quarter a year ago. RBC reported $145.9 million in the third quarter of fiscal 2021. Net sales for the company’s industrial segment increased 230.4%, while aerospace/defense segment net sales were […]
Descartes Acquires NetCHB
Descartes Systems Group Inc., (TSX:DSG) (Nasdaq:DSGX) of Waterloo, Ontario, has acquired NetCHB, a leading provider of customs filing solutions in the U.S. Descartes said it acquired NetCHB for “up-front cash consideration” of $40 million, plus potential performance-based consideration. The maximum amount payable under the all-cash performance-based earn-out is $60 million, based on NetCHB achieving revenue-based […]
M&A Stays Hot in Automation/Electrical Distribution
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Sysco Fiscal 2Q Sales Up 41%
Foodservice distributor Sysco Corp. (NYSE: SYY) of Houston reported fiscal 2022 second-quarter sales of $16.3 billion, an increase of 41.2% compared to the same period last year. “The exit rate for the second quarter continued to grow compared to the same period in fiscal year 2021, but decelerated in December due to disruptions from the […]
New Podcast: Inside the Motion Industries-Kaman Distribution Group Acquisition
In a blockbuster deal that shifts the competitive landscape beyond their core product sectors, Motion Industries announced in December that it was acquiring Kaman Distribution Group for $1.3 billion. I wrote a “behind-the-deal” analysis shortly after that announcement, and the deal closed at the beginning of January. In this week’s MDM Podcast, Motion Industries President […]
Fluor Executive Chairman to Retire
Engineering and construction firm Fluor Corp. (NYSE: FLR) of Irving, Texas, says Alan Boeckmann, the company’s current executive chairman, will not seek re-election at the annual shareholders meeting May 5. CEO David Constable has been appointed by the board of directors to succeed Boeckmann as chairman in addition to his CEO role. Alan Boeckmann “Alan […]
Kennametal Fiscal 2Q Sales Rise
Pittsburgh-based Kennametal Inc. (NYSE: KMT) reported fiscal 2022 second-quarter sales of $487 million, a 10% increase over the same quarter the prior year. The company also reported earnings per diluted share of $0.37, compared with $0.23 in the prior year quarter, and adjusted EPS of $0.35, compared with adjusted EPS of $0.16 in the prior […]
Beacon Yearly Sales Up 12.2%
Roofing material and building products distributor Beacon (Nasdaq: BECN) reported that 2021 net sales increased 12.2% compared to the prior year despite one fewer business day, an annual record for net sales from continuing operations. Residential roofing product sales increased 11.3%, complementary product sales increased 19.4%, and non-residential roofing product sales increased 8.5% compared to […]
Eaton Reports Quarterly, Annual Gains
Power management company Eaton Corporation plc (NYSE: ETN) of Dublin, Ireland, said sales in the fourth quarter of 2021 were $4.8 billion, up 2% from the fourth quarter of 2020. The sales increase consisted of 6% growth in organic sales and 7% growth from acquisitions, which was partially offset by 10% from the divestiture of […]
Arrow 4Q, Yearly Sales Increase
Electronic components distributor Arrow Electronics Inc. (NYSE: ARW) of Centennial, Colorado, reported fourth-quarter 2021 sales of $9.02 billion, an increase of 7% over the $8.45 billion reported for the same period in 2020. Arrow’s 4Q net income was $371 million, or $5.26 per share on a diluted basis, compared with net income of $236 million, […]
Fastenal January Sales Up 20.7%
Fastenal Co. (Nasdaq: FAST) of Winona, Minnesota, reported January net sales of approximately $540.5 million, a 20.7% increase over the same month in 2021. The company’s daily sales were $25.7 million during 21 business days, a nearly 15% jump over January 2021. Fastenal’s January 2022 daily sales growth jumped 14.9% in the U.S., 14.6% in […]
Amazon Yearly Sales Jump 22%
Amazon (NASDAQ: AMZN) reported 2021 fourth-quarter net sales increased 9% to $137.4 billion, compared with $125.6 billion in the same quarter in 2020. Operating income in 2021 4Q decreased to $3.5 billion, compared with $6.9 billion in fourth quarter 2020. Net income increased to $14.3 billion in the fourth quarter, or $27.75 per diluted share, […]
AD Member Sales Rise 30%
Independent distributor organization AD reported 2021 member sales were $58.5 billion, a 30% increase from 2020, with purchases by member companies from AD supplier partners up 39% to $16.6 billion. AD also achieved a 49% increase in net distributions to its members, surpassing the $1 billion milestone for the first time in the group’s four-decade-long […]
Grainger ’21 Sales Reach $13B
Chicago-based industrial distributor Grainger (NYSE: GWW) reported 2021 fourth-quarter sales of $3.4 billion, a 14.2% jump over the same period a year before. For the full year, Grainger reported sales of $13 billion, up 12.4% on an organic, daily, constant currency basis compared to the prior year. Customer demand continued to be very strong to […]
AMETEK 4Q Sales Top $1.5B
Berwyn, Pennsylvania-based manufacturer AMETEK reported 2021 fourth-quarter sales of $1.5 billion, a 25% increase compared to same period a year before. Operating income in 2021 4Q was a record $361.2 million, up 21% versus last year’s fourth quarter, and operating margins were 24% in the quarter. “AMETEK completed an outstanding year with record results in […]
Graybar Names New VP for Comm/Data, CIG Sales
Richard S. King has been named Graybar’s vice president for comm/data and Commercial, Institutional and Government sales, the company announced. King assumed his new role Feb. 1. He recently worked as director of comm/data sales for Graybar’s New York and Boston districts, a position he held for 15 years. King joined Graybar in 1992 and […]
Distributor Finance 2.0: The Hottest Feature of B2B Marketplaces
Applico, the digital platform consultancy, continues to see record fundraising numbers for B2B marketplaces due to its high growth metrics — with $1 billion in VC investment raised in 2021 for just the Top 3 B2B marketplaces. Applico’s ranking of the top 50 B2B marketplaces received a great deal of interest in 2021, and our […]
