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2009

Grainger Plans to Continue Rapid Product Expansion

Companies, Management, Research & Analytics, Strategy, Subscriber Only /

Chicago, IL-based facilities maintenance distributor Grainger has added 64,000 products to its catalog, along with 27,000 more to its Web site. The additions to the company’s catalog are a 33 percent increase over last year’s 180,000. (Some products were also removed this year.)
 
Grainger now has 240,000 products in its catalog and 300,000 online.
 
In an interview with MDM, Fred Costello, vice president – product management, says Grainger will continue adding products over the next several years.
 
Every catalog will continue to see a similar increase, Costello says.
 
“Product line expansion is a Grainger priority. … I can say with confidence that our Canadian and Mexican business units are also …

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Monthly Wholesale Trade: Sales and Inventories for December 2008

Economic Trends, Research & Analytics, Subscriber Only /

December 2008 sales of merchant wholesalers were $336.1 billion, down 3.6 percent from November and down 10.7 percent from the December 2007, according to the U.S. Census Bureau. December sales of durable goods were down 2.0 percent from last month and were down 9.4 percent from a year ago.
 
Compared to last month, sales of lumber and other construction materials were down 8.6 percent and sales of motor vehicle and motor vehicle parts and supplies were down 8.1 percent. Sales of nondurable goods were down 4.9 percent from last month and were down 11.8 percent from last year. Sales of petroleum and petroleum products were down 16.4 percent from last month and sales of farm product raw materials were down 9.4 percent.
 
Inventories. Total inventories of …

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Wholesale Revenues Rise 9% in 2008

Economic Trends, Research & Analytics, Subscriber Only /

Wholesaler-distributor revenues were $4.626 trillion last year, up 9 percent from 2007, unadjusted for seasonal variations. Wholesale revenues for durable goods were up 3.3 percent, and nondurable goods sales were up 14.5 percent, boosted by earlier petroleum …

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MDM February 25, 2009

Subscriber Only /

This is the pdf of this issue of Modern Distribution Management. Apply the full $24.95 pay-per-view cost toward an annual subscription (within 30 days of purchase), which includes two issues a month plus access to more than six years of online archives and market data. Call 1-888-742-5060 or email info@mdm.com to …

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Fourth Quarter Public Distributor Report

Features, Subscriber Only /

About this report: This is the MDM Public Distributor Report, provided on a quarterly basis to subscribers of Modern Distribution Management. The report is available online only.


Click here to download this report in pdf.

In distributors’ recent earnings calls with analysts, many said they were looking at cost reductions, better training, increasing private label, and considering strategic acquisitions in the next year. The focus will remain on sustaining profitability.

Refocusing on the Workforce
Drug distributor Owens & Minor has seen a work force opportunity arising from the economic turmoil: Build on existing resources. In the last quarter, the drug distributor …

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United Rentals 4Q Sales Drop 14.5%

Free, News, Subscriber Only, Top Distributor Sectors /

United Rentals, Inc., Greenwich, CT, reported fourth quarter sales of $791 million, a decline of 14.5% from fourth quarter 2007. The company recorded a loss of $853 million for the quarter, as compared to profit of $153 million a year ago.
 
For the full year, sales were $3.3 billion, down 10.8% from the prior year. The full year loss was $704 million.
 
Our 2008 performance reflects our ability to pull the key levers that are within our control, especially our cost structure, liquidity and fleet performance, to confront a challenging environment, CEO Michael Kneeland said. “We are entering 2009 with a continued focus on cost control, a sound capital structure that provides ample liquidity, and the ability to limit capex and to generate positive …

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Global M&A Activity Falls 38.7% in January

Economic Trends, Finance, Free, Mergers & Acquisitions, News, Research & Analytics, Subscriber Only /

M&A deal activity fell by 38.7 percent globally in January, according to the latest Robert W. Baird & Co. monthly M&A market analysis. It’s the largest monthly decline since Sept. 2001, the firm says.
 
Dollar volume for January was up 14.6 percent, but excluding the Pfizer-Wyeth deal, global M&A volume was down 40.1%. The middle market saw greater hits than the overall market. Strategic acquisitions continue to increase as a percentage of all deals.
 
A bright spot to the report: The credit markets appear to have "largely stabilized." That said, the report acknowledges that credit is available at much lower levels, higher interest rates and tighter covenants than before. "The ability to raise debt for acquisitions is a key component …

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Flowserve Sales Up 5.4% in 4Q

Free, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors /

Flowserve Corp., Dallas, TX, supplier of fluid motion and control products and services, reported sales for the fourth quarter ended Dec. 31, 2008, were $1.17 billion, up 5.4% over further quarter 2007. Profit improved 19.3% to $114.4 million.
 
For the full year 2008, sales were $4.47 billion, an increase of 18.9% from the prior year. Profit was up 73% to $442 …

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Gibraltar Industries 4Q Sales Down 10.9%

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

Gibraltar Industries, Inc., Buffalo, NY, reported sales of $249.4 million for the fourth quarter ended Dec. 31, 2008, a drop of 10.9% from the prior year period. The manufacturer and distributor of products for the building, industrial, and vehicular markets recorded a loss of $22 million for the quarter.
 
For the 12 months ended Dec. 31, 2008, sales were $1.23 billion, up 3% from 2007. Profit increased 82% to $24.1 million. The increase in sales was driven primarily by acquisitions completed in …

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ERIKS Group 2008 Profit Up 20.1%

Free, News, Subscriber Only, Top Distributor Sectors /

Dutch holding company the ERIKS group reported sales for 2008 were €1.13 billion (US$1.44 billion), up 19.2% over 2007. Profit improved 20.1% to €52.5 million (US$67.1 million). Organic growth accounted for 4.7% of growth.
 
Fourth quarter sales were up 27.6% to €307.4 million (US$392.6 million) over the prior year period. Profit dipped slightly to €9.7 milion (US$12.4 million).
 
In 2008, ERIKS groups accessed new markets in Spain, the Middle East and China. In addition, the company expanded the range of its private label across most …

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Kaman Corp. Sales Up 16.2% In 4Q

Companies, Free, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors /

Kaman Corp., Bloomfield, CT, reported fourth quarter sales of $316.4 million, an increase of 16.2% over fourth quarter 2007. Profit declined 71.8% to $6.8 million. Continued operating issues at the Wichita facility, softening of sales in the Industrial Distribution business, and lower margins in the Specialty Bearings segment on lower volume contributed to the lower earnings.
 
For the full year 2008, Kaman reported sales of $1.25 billion, an increase of 15.4% over 2007 sales. Profit declined 36.3% to $35.6 million.  The increase in sales was comprised of organic growth of 8.4% and growth from acquisitions of 7.0%.
 
Aerostructure segment sales were $43.9 million in the fourth quarter, compared to $28.1 million in fourth quarter 2007. Sales growth of 56% …

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MDM Interview: Growth in a Difficult Climate

Companies, Economic Trends, Electrical, Features, Management, Research & Analytics, Strategy, Subscriber Only, Top Distributor Sectors /

MDM Editor Lindsay Young sat down with Graybar Senior Vice President and CFO Beatty D’Alessandro at the January meeting of the National Association of Wholesaler-Distributors to talk about current market conditions and Graybar’s approach to growth.
 
The Graybar veteran also addressed the electrical distributor’s M&A strategy, recent drops in commodity prices, plans for technology and global opportunities. Part II of this interview, to be published March 10, will cover how Graybar is addressing the recruitment, retention and training of its employees.
 
Graybar is a $5.2 billion North American distributor of electrical and networking products.
 
MDM: How is Graybar doing this …

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3M: The Principle Effects of a Severe Downturn

Companies, Economic Trends, Free, Management, Research & Analytics, Strategy, Subscriber Only, Top Distributor Sectors /

Here’s what 3M’s George Buckley had to say about current conditions and supply chain partner reaction in the manufacturer’s recent earnings call with analysts:
 
"While weak business conditions, poor consumer confidence and the psychological fear factor made it worse, we believe the principle cause of the severe downturn was the shortage of credit to lubricate the wheels of global commerce. That fact effectively locked the cycles of the world’s major economies into synchronism and into shrinking mode.
 
"… There are always three principle effects that one sees at times like these. The first is that the rate of contraction in sales at wholesale is always a multiple of the rate of contraction in point of sale or retail. This happens as the channel …

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Survey: Many Companies Have Not Yet Cut Staff

Economic Trends, Free, Human Resources in Wholesale Distribution, Management, Operations, Research & Analytics, Strategy, Subscriber Only /

On almost any given day, another company is announcing another round of layoffs in response to the recession. But even with the sky-high numbers we’re seeing, some analysts are beginning to say that it’s not as bad as it could be.
 
A recent survey conducted for Towers Perrin showed that companies have been taking a more measured approach to cutting costs, looking at a variety of options before resorting to layoffs. Of the 513 companies who responded to the survey, only 11% said they had made significant reductions in headcount (defined as 10% or more of the workforce). That said, 19% are now considering significant reductions or have such reductions planned.
 
Other methods being utilized include: hiring freezes or reductions, cutting travel and …

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The Latest Round of Economic Forecasts

Economic Trends, Free, Research & Analytics, Subscriber Only /

Most forecasts put an economic recovery sometime in 2010. Fed Chairman Ben Bernanke reaffirmed that today, although the headlines on his statement (though all accurate) tell slightly different stories:
 
Bernanke: Economy Suffering Severe Contraction (Associated Press)
Bernanke Sees 2010 Recovery Only if Banks Stabilize (Bloomberg)  
Bernanke Says Recession Should End in 2009 (Wall Street Journal)
 

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ABC Supply Acquires Chesapeake Siding & Roofing

Building Materials/Construction, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors /

ABC Supply Co. Inc., Beloit, WI, has acquired Chesapeake Siding and Roofing, a wholesale distributor of exterior building products.  The transaction includes two locations – one in Chesapeake, VA, and one in Jarvisburg, NC.
 
The acquisition of Chesapeake Siding and Roofing fits our strategy of providing accessible locations in all major geographic markets as we continue to build a national network of wholesale distribution centers for the professional contractor, said David Luck, CEO and president of ABC Supply.
 
All 15 Chesapeake Siding and Roofing employees will be retained by ABC Supply.
 
With the two new locations, ABC Supply has 18 branches in the Mid-Atlantic …

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The Home Depot Reports $54 Million Loss For 4Q

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

The Home Depot, Atlanta, GA, reported a net loss of $54 million for the fourth quarter ended Feb. 1, 2009, compared with net earnings of $671 million, in the same period in fiscal 2007. Sales for the fourth quarter totaled $14.6 billion, a 17.3% decrease from the fourth quarter of fiscal 2007.
 
Fourth quarter results reflect a pre-tax business rationalization charge of $387 million, taken to  exit its EXPO, THD Design Center, YardBIRDS and HD Bath businesses and reduce support staff functions. Results were also impacted by a pre-tax write-down of the Company’s investment in HD Supply of $163 million, as well as a loss from discontinued operations of $52 million.
 
Sales for fiscal 2008 were $71.3 billion, 7.8% below fiscal 2007. Profit decreased 47.7% to $2.3 …

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Timken Expands Wheel Seals Offerings

Free, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors /

The Timken Company, Canton, OH, is expanding its line of wheel seals and installation tools for the heavy-duty truck aftermarket. 
 
The Outrunner line of products complements the company’s existing product line and offers a premium wheel seal designed to meet the performance demands of low-maintenance wheel ends.
 
Two designs of this seal are available from Timken, with the design of both variations promoting ease of installation and reduction of friction. Other features include an interlock design that provides enhanced dust- and leak-prohibiting protection, which lengthens bearing uptime and extends maintenance …

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Bunzl Sales Grow 17% In 2008

Companies, Free, HVACR, News, Plumbing Products & PVF Distribution, Subscriber Only, Top Distributor Sectors /

Global distributor Bunzl plc reported sales for 2008 were £4.18 billion (US$6.04 billion), an increase of 17% over 2007 sales. Profit improved 9.3% to £142.2 million (US$206.7 million).
 
Sales in North America increased 12% due to stronger organic growth and a strengthened American dollar in the second half of the year. Acquisitions drove sales in the U.K. and Ireland up 11%. Sales in continental Europe grew 34%.
 
The Group once again had a successful year in 2008 due to a combination of organic growth, the positive acquisition impact in both new and existing geographies and the benefit of currency translation, Chief Executive Michael Roney said. Bunzl continued to expand its presence in target markets in 2008, including Brazil and …

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Builders FirstSource Sales Fall 32.4% in 2008

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors /

Dallas, TX-based Builders FirstSource, Inc., supplier and manufacturer of structural and related building products for residential new construction, reported sales for fiscal 2008 were $1.03 billion, a decline of 32.4%. Net loss was $139.5 million, compared with a loss of $23.8 million in the prior year.

For the fourth quarter ended Dec. 31, 2008, sales were $201.3 million, a year-over-year decline of 30.6%. Sales volume dropped 27.9%. Net loss for the quarter was $58.9 million, compared with a net loss of $20.4 million in prior-year period.

Builders FirstSource expects difficult housing conditions to continue through the end of 2009.

Builders FirstSource operates in 11 states, principally in the southern and eastern U.S., and has 58 …

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