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.
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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.
Supply Technologies net sales declined 15% year-over-year and totaled $141 million compared to $165 million last year.
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.
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.
For the first nine months, sales totaled $1.5 billion, down 15% over the same period in 2019.
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.
On a same-store basis by business unit, three-month Plumbing, Heating, Cooling and Pipe sales were up 3%; Electrical sales were up 2%; Building Materials sales were up 4%; and Industrial and Safety sales were unchanged.
The company reported a 7% organic decline primarily related to impacts from COVID-19.
The company reported profit of $12.5 million, compared to $4.1 million in the same period a year ago.
Safety and Industrial group sales of $2.9 billion were down 1% in U.S. dollars.
The company reported profit of $376 million, a 30% drop when compared to the year-ago period.
