MDM's Tom Gale is optimistic that over the next several months distribution will play such a critical role in getting our economy off its back and to fully functioning capacity as quickly as possible.
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New orders for manufactured durable goods in March, down following three consecutive monthly increases, decreased $36.6 billion or 14.7% to $212.6 billion, down from the previously published 14.4% decrease.
Stoneburner was previously at Motion Industries, where he most recently served as the senior VP - Eastern US Branch Sales and Operations, Mergers and Acquisitions.
The unemployment rate rose to 14.7%, the highest rate and the largest over-the-month increase in the history of the series.
The company reported a loss for the quarter of $248.2 million, compared to a loss of $19.5 million during the first quarter of 2019.
A follow-up phone call to the industrial distributors mid-April 1Q report provides detail behind dramatic shifts in growth rate, with EVP and CFO Holden Lewis highlighting how the company is pivoting to meet changing customer demands.
All but one participant in the Pandemic Revenue Index realized a sales decline year over year, with a maximum decline of 43%. We now have six weeks of double-digit average declines.
The decline reflected lower sales to the Vehicle market, partially offset by growth in Industrial and Medical, which included contributions from Dynamic Controls.
Supply Technologies net sales declined 15% year-over-year and totaled $141 million compared to $165 million last year.
Pharmaceutical Distribution Services revenue was $45.6 billion, an increase of 9.3% compared to the same quarter in the prior fiscal year.
Paul DeSantis will take over for Bonnie Lind as senior vice president, CFO and treasurer.
Customers are more open to change in the wake of COVID-19 disruption. Distributors can take advantage of this opportunity by using profit segmentation to drive strategic decision making and rework customer contracts in favor of increased profitability, Profit Isles Jonathan Byrnes explains in an MDM webcast.
The company reported a loss of $331 million for the quarter, compared with a profit of $18 million a year ago.
Profit was $16.7 million, compared to $6.7 million in the first quarter of 2019.
Though the fallout for distributors from COVID-19 continued to be a hot topic in April, news on Amazon Business garnered the most attention from MDM readers during the month. New data show the enormous number of SKUs available on the platform and that it may be poised to become the top industrial distributor in the U.S.
Year-to-date, the goods and services deficit decreased $28.1 billion, or 17.8%, from the same period in 2019.
First quarter Electronic Instruments Group sales were $774.2 million, down 4% compared to the same period in 2019.
Net product sales accounted for $41.8 billion, up 22% year over year from $34.3 billion.
The company reported sales of $2.1 billion for the first quarter, up 0.4% compared to a year ago.