It's a big week for industrial manufacturer's financial reports. We recap the key figures for six of them here.
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Lower volumes and last year's oil & gas divestiture weighted down on revenue growth, while the company continued to slash inventories.
The company's 2023 second quarter included one new acquisition and the naming of a new Chief Strategy Officer.
That geographic segment includes gases and welding products distributor Airgas, which was No. 5 on MDM’s Top Industrial Distributors List.
Year-over-year sales growth slowed to 2% in the second quarter, but operating margin increased to 20.6%, according to an earnings report.
The industrial distribution giant's results seemed to outperform the rest of the sector, with a sequential revenue growth slowdown more subdued than what others have reported in this earnings cycle.
Sales within the company's Performance Coatings Group increased 0.3% during the quarter.
Structural connector and building solution manufacturer Simpson recorded consolidated net sales of $597.6 million, an increase of 0.7% YoY.
K-C Professional posted second-quarter sales of $887 million, an 11% increase year-over-year and 13% organic sales growth.
The company reduced its total global workforce by 10% this year as 'demand for consumer electronics waned,' Reuters reported.
Operating margin improved year-over-year across all three key business units, while the pace of organic sales declined.
The industrial parts distributor's profit margin grew 190 bps year-over-year despite sales growth that was less than half that of 1Q.
Despite a sequential slowdown in organic sales growth, the bearings giant was able to accelerate its operating margin growth.
Total year-over-year sales growth of 5.9% was a sharp slowdown compared to 1Q, as daily sales slowed in each month during the quarter.
MRO and metalworking supplies distributor MSC Industrial Supply reported double-digit sales growth for the fifth consecutive quarter.
The company announced net sales of $1 billion in the third quarter of fiscal 2023, which ended May 31.
The NetPlus Alliance Industry Outlook tracks business results and trends in the industrial and contractor supply markets.
For its full fiscal 2023 year, the company reported net sales of more than $5.3 billion, a 15% increase over fiscal 2023.
The company made the decision based on the recommendation of a special committee composed entirely of independent directors.
UNFI's net income decreased 89.6% to $7 million, the Providence, Rhode Island-based company said.
