American Marconi Wireless News - Global Industrial Reports Fourth Quarter and Full Year 2024 Financial Results

PORT WASHINGTON, NY / ACCESS Newswire / February 25, 2025 / Global Industrial Company (NYSE:GIC), a value-added national distributor of industrial equipment and supplies, today announced financial results for the fourth quarter ended December 31, 2024.

* Global Industrial Company manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal fourth quarter ended on December 28, 2024 and December 30, 2023, respectively. The fourth quarters of both 2024 and 2023 included 13 weeks and the full year of both 2024 and 2023 included 52 weeks.

Average daily sales is calculated based upon the number of selling days in each period, with Canadian sales converted to U.S. dollars using the current year's average exchange rate. There were 62 selling days in the U.S. and Canada in the fourth quarter of 2024 and 2023. There were 253 selling days in the U.S. in 2024 and 2023 and 250 selling days in Canada in 2024 and 2023.

Fourth Quarter 2024 Financial Summary:

• Consolidated sales decreased 5.6% to $302.3 million in U.S. dollars compared to $320.1 million last year.

• Consolidated gross margin was 33.8% consistent with last year.

• Consolidated operating income from continuing operations decreased 32.2% to $14.5 million compared to $21.4 million last year.

• Net income per diluted share from continuing operations decreased 32.5% to $0.27 compared to $0.40 last year.

Year Ended 2024 Financial Summary:

• Consolidated sales increased 3.3% to $1.32 billion in U.S. dollars compared to $1.27 billion last year. Excluding Indoff, sales declined 0.6% as compared to the year ago period and 0.5% on an average daily sales basis.

• Consolidated gross margin increased to 34.3% compared to 34.2% last year. Excluding Indoff, gross margin was 36.0% compared to 35.5% last year.

• Consolidated operating income from continuing operations decreased 16.6% to $80.5 million compared to $96.5 million last year. Excluding Indoff, operating income was $73.9 million compared to 90.8 million, a decrease of 18.6%.

• Net income per diluted share from continuing operations decreased 14.7% to $1.57 compared to $1.84 last year.

Richard Leeds, Executive Chairman, said "In 2024 we generated revenue of $1.3 billion, an improvement of 3.3%, driven by the acquisition of Indoff in 2023. We delivered top line growth in the first half of 2024 but results softened as we moved through the year with continued weakness in our core small and medium-sized businesses customer base. We remain very pleased with our gross margin performance and had good cash flow generation during the year, ending 2024 with more than $44 million in cash."

"We continued to execute on our customer centric strategy and made measurable progress elevating the customer experience across the business. This is highlighted in our strong retention rates, enhanced customer satisfaction, and significant improvement in quality metrics across our supply chain. While we are not satisfied with our financial performance, I believe we have the right strategy in place as we continue to sharpen our execution on serving the needs of our customers and highlight the value we bring to market through our core product offerings, Global Industrial Exclusive Brands^TM and extensive product knowledge."

Anesa Chaibi, Chief Executive Officer, said "As we drive operational excellence and enhance the customer experience, we will further strengthen connections with our customers and improve our ability to capture market share. With an exceptional balance sheet, we remain well-positioned to continue to invest in our growth, evaluate strategic opportunities, and drive our long-term performance."

At December 31, 2024, the Company had total working capital of $184.2 million, cash and cash equivalents of $44.6 million, and excess availability under its credit facility of approximately $120.5 million. Operating cash flow generated by continuing operations in the quarter was approximately $15.8 million. The Company's Board of Directors has declared a cash dividend of $0.26 per share to common stock shareholders of record at the close of business on March 10, 2025, payable on March 17, 2025. The Company anticipates continuing a regular quarterly dividend in the future.

Earnings Conference Call Details

Global Industrial Company will host a conference call and question and answer session on its fourth quarter 2024 results today, February 25, 2025 at 5:00 p.m. Eastern Time. A live webcast of the call will be available on the Company's website at https://investors.globalindustrial.com in the events section. The webcast will also be archived on the website for approximately 90 days.

About Global Industrial Company

Global Industrial Company (NYSE:GIC), through its operating subsidiaries, is a value-added distributor. Leveraging over 75 years of experience, Global Industrial specializes in providing industrial equipment and supplies to small to medium-sized businesses, large enterprises, and the public sector. Global Industrial is committed to its customer-centric strategy and leverages a team of subject matter experts, products from its Global Industrial Exclusive Brands^TM, and national vendor relationships to help customers succeed. At Global Industrial, "We Can Supply That^®".

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections and are not guarantees of future performance. When used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this report are based on the Company's beliefs and expectations as of the date of this report and are subject to risks and uncertainties which may have a significant impact on the Company's business, operating results or financial condition. Investors are cautioned that these forward-looking statements are inherently uncertain and undue reliance should not be placed on them. Important risk factors that may affect our future results of operations and financial condition are detailed from time to time in our Securities and Exchange Commission filings. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected events, except as may be required by applicable law.

Investor/Media Contacts:

Mike Smargiassi
The Plunkett Group
212-739-6729
[email protected]

GLOBAL INDUSTRIAL COMPANY
Condensed Consolidated Statements of Operations - Unaudited
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GLOBAL INDUSTRIAL COMPANY
Condensed Consolidated Balance Sheets - Unaudited
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GLOBAL INDUSTRIAL COMPANY
Condensed Consolidated Statements of Cash Flows - Unaudited
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SOURCE: Global Industrial Company

View the original press release on ACCESS Newswire

O.Norris--AMWN