Paul DeSantis will take over for Bonnie Lind as senior vice president, CFO and treasurer.
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The decline reflected lower sales to the Vehicle market, partially offset by growth in Industrial and Medical, which included contributions from Dynamic Controls.
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.
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.
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.
The company reported sales of $2.1 billion for the first quarter, up 0.4% compared to a year ago.
Net product sales accounted for $41.8 billion, up 22% year over year from $34.3 billion.
The company reported a loss of $8.9 million for the quarter compared to a loss of $3.2 million in the first quarter of 2019.
For the first nine months, sales totaled $1.5 billion, down 15% over the same period in 2019.
This is the PDF of this issue of Modern Distribution Management.
The anecdote to uncertainty is information. In this issue of MDM Premium, our quarterly MDM-Baird data issue, you’ll find the latest information on how hundreds of distributors and manufacturers are responding to the coronavirus pandemic, as well as their projections for the second quarter and full year. We bring you analysis from Baird’s David Manthey, who breaks down market conditions and how the industry is planning to come out of the downturn. You’ll also find the first quarter pricing trends report as well as sales and inventory trends and distribution financial metrics and trading multiples from Houlihan Lokey.
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This is the PDF of this issue of Modern Distribution Management.
We all have an impossible task on our plates, to manage through a crisis the global scale of which has never been seen before. The COVID-19 coronavirus may be novel, but distributors deal with disruption on a daily basis. In this issue of Premium, we provide several tools to help you through the upheaval. For example, you’ll read about how to keep your network safe with so many employees working remotely and how to make the most of reconfigured work environments in the wake of COVID-19. Additionally, Zoro President Kevin Weadick provides a behind-the-scenes look at how Zoro works with other distributors to run its e-commerce marketplace, and shares how his company is equipped to operate during the pandemic.
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The company has welcomed a new CEO, David White, and president, Jason Seger. The change comes after CEO Tammy Miller retired from her role on March 31.
The intent of the pay cut is to help mitigate the Coronavirus potential impact on BlueLinxs business and industry and the economy in general.
This is the PDF of this issue of Modern Distribution Management.
What poses the greatest threat to the master distributor model? Ask two of the master distributors featured in the latest issue of MDM Premium and they will share a similar response. Driven by factors such as increasing consolidation and the emergence of e-commerce marketplaces, homogenization and commoditization threaten to strip away the uniqueness of individual master distributors, disrupting their ability to invest in customer service and brand differentiation. Of course, master distributors don’t operate in a vacuum. The same issues they face are felt by the distributors they serve. That theme is reflected throughout this issue of MDM Premium. Our other two features — a Q&A with Cook & Boardman CEO Darrin Anderson and a feature on five emerging job roles in distribution — provide insight on specific actions distributors are taking to keep up with the pace of overall industry transformation.
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Please join us for our live program this Friday, Mar. 27, 2-4 pm Eastern, where our guests will share their experiences and impacts of the Covid-19 pandemic on customers, suppliers, operations and team. Your co-hosts will be Tom Gale and John Gunderson of MDM, and Mike Marks of Indian River Consulting Group.
