Q2 2024 Global Industrial Co Earnings Call Transcript
Key Points
- Second quarter revenue improved by 6.8% to approximately $348 million.
- Gross margin increased to 35.2%, showing improvement both year-over-year and sequentially.
- Customer satisfaction scores remained above 90% in the second quarter.
- Strong leadership team and strategic investments in customer experience, marketing, and sales functions.
- Healthy balance sheet with $38.8 million in cash and no debt.
- Cautious customer purchasing behavior and mixed revenue performance on a monthly basis.
- Soft demand environment reflected in industry forecasts and the PMI index.
- Selling, distribution, and administrative spending increased to $96.1 million, up 190 basis points from last year.
- Ocean freight costs remain elevated and have accelerated in recent months.
- Revenue growth impacted by modest pricing headwinds and fluctuating customer demand.
Good day and welcome to the Global Industrial Company second-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Michael Smargiassi, Investor Relations. Please go ahead.
Thank you, and welcome to the Global Industrial second-quarter 2024 earnings call. Leading today's call will be Richard Leeds, Executive Chairman; and Tex Clark, Senior Vice President and Chief Financial Officer. Formal remarks will be followed by a question and answer session.
During the call, we will reference both GAAP and organic metrics. Organic reflects the performance of Global Industrial's business, exclusive of May 19, 2023, Indoff acquisition. Today's discussion may include certain forward-looking statements.
It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and under risk factors in
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