We’re in the midst of another quarterly earnings reporting period for publicly traded industrial distributors and manufacturers. Read below to learn about the most recent sales and revenue numbers for companies MDM typically covers, including: global pumps and compressors manufacturer Ingersoll Rand; Atlanta-based JanSan products distributor Veritiv Corp.; and Charlotte, North Carolina-based building products manufacturer JELD-WEN.

Ingersoll Rand 1Q Sales Rise 22%

On May 3, Ingersoll Rand announced its 2023 first-quarter financials, showing strong sales growth compared to 1Q 2022.

Ingersoll Rand reported 1Q revenue of $1.6 billion, up 22% year-over-year with 20% organic growth. Sequentially, 1Q revenue was roughly flat when compared to 4Q 2022.

First-quarter adjusted EBITDA was $400 million, an increase of 32% year-over-year, with a margin of 24.6%, up 190 basis points year-over-year. Reported orders in 1Q were $1.8 billion, up 9% year-over-year and up 20% sequentially from 4Q.

In 1Q, Ingersoll Rand’s Industrial Technologies and Services segment posted revenue of $1.3 billion, a 27% year-over-year with 25% organic growth. The company’s Precision and Science Technologies segment had revenue of $312 million, up 5% year-over-year with 6% organic growth.

“We had a strong start in 2023, with another quarter of solid results and performance that exceeded our expectations despite the ongoing macroeconomic volatility,” Ingersoll Rand Chairman and CEO Vicente Reynal said in a news release. “Our business continues to be resilient, driven by our team’s outstanding execution and our economic growth engine. We continue to drive organic growth and unlock profitability by leveraging IRX and targeting our Demand Generation processes across the three mega trends of Sustainability, Digitization and Quality of Life.”

Veritiv 1Q Net Sales Fall 18.7%

In 1Q 2023, Veritiv reported net sales and income decreases compared to 1Q 2022, but a record adjusted EBITDA margin of 6.9%. 

“The ongoing execution of our commercial strategy drove record first quarter adjusted EBITDA margin, despite industry-wide destocking and softening demand,” CEO Sal Abbate said in an earnings release posted May 8. “The combination of working capital management and the benefits of our recession-resistant business model also drove strong free cash flow for the quarter.”

Veritiv reported 1Q 2023 net sales of $1.5 billion, a decrease of 18.7% from the prior year. Organic sales decreased 7.8%.

Net income in the quarter was $68.7 million, compared to $78.5 million in the prior-year 1Q. 

First-quarter adjusted EBITDA was $103.8 million, a decrease of 13.1% from the prior year. The adjusted EBITDA margin was 6.9%, an increase of 50 basis points from the prior year. Net cash provided by operating activities was $70.9 million and free cash flow was $68 million, driven by “disciplined management of our working capital and earnings stability,” said Chief Financial Officer Eric Guerin. 

The company reaffirmed its full-year 2023 guidance. Net income is expected to be in the range of $265 million to $305 million, and adjusted EBITDA is expected to be in the range of $430 million to $490 million.

JELD-WEN 1Q Sales Grow 4.4%

On May 8, JELD-WEN reported 1Q 2023 earnings, which showed a slight sequential sales decline against 4Q 2022 but a solid year-over-year increase compared to 1Q 2022.

JELD-WEN posted 1Q net revenue of $1.22 billion, down 8.3% from 4Q 2022 but up 4.4% from 1Q 2022. JELD-WEN’s year-over-year growth included 7% core revenue growth, driven by 10% price realization, according to a news release.

On a segment basis, JELD-WEN reported revenue for the following regions:

• Net revenue for the company’s North America segment increased 6% year-over-year, driven by a 7% increase in core revenue.
• Net revenue for JELD-WEN’s Europe segment decreased 3.3% year-over-year due to a -6% adverse impact from foreign exchange, slightly offset by 3% core revenue growth.
• Net revenue for the company’s Australasia segment increased 16.7% year-over-year, driven by a 20% increase in core revenue.

JELD-WEN is raising its full-year guidance based on its solid 1Q results, ongoing cost reduction activities and the recent sale of its Australasia segment to Platinum Equity for $465 million (USD). The company intends to use the proceeds of the Australasia deal to pay debt, according to the release.

“We made progress in the first quarter to simplify and strengthen JELD-WEN which, combined with more favorable than expected market conditions, resulted in improved financial performance,” JELD-WEN CEO William Christensen said in the release. “During this time of weaker demand, our associates carefully controlled costs while continuing to deliver on our customers’ expectations. In addition, to further simplify our global operations, we recently announced the sale of our Australasia business to Platinum Equity which will allow us to focus on our two largest regions and strengthen our balance sheet by paying down debt.”