Industrial and MRO parts distributor Global Industrial Company reported its 2024 second quarter financial results on July 30, showing a continued deceleration in comparable sales growth year-over-year, while its 2Q23 acquisition of Indoff Inc. continued to power greater overall sales gains.

Port Washington, NY-based Global Industrial posted total 2Q24 sales of $348 million, up 6.8% year-over-year. Excluding Indoff (acquired on May 19, 2023), sales increased 1.8% (+1.7% on daily basis). Sequentially, that comparable figure trailed 1Q’s 4.2% gain.

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The company’s 2Q24 gross margin of 35.2% increased 50 basis points year-over-year and topped 1Q’s 34.3%. Excluding Indoff, comparable gross margin of 36.8% improved 110 points year-over-year.

Global Industrial’s 2Q24 operating profit of $26 on margin of 7.6% million fell from the $29 million and 8.9% of a year earlier, ($17 million/5.4% in 1Q). Excluding Indoff, 2Q operating profit of $25 million was down 11% year-over-year.

The company’s 2Q24 net profit of $20 million trailed the $21.5 million of a year earlier, but topped 1Q’s $13 million.

“We were pleased with top-line results given the current market cycle and the soft demand environment,” Global Industrial Executive Chairman Richard Leeds said in the distributor’s financial release. “During the quarter we saw a continuation of cautious customer purchasing behavior and mixed revenue performance on a monthly basis. Gross margin improved on both a prior year and sequential-quarter basis, while our bottom-line reflected planned investments in key growth initiatives across customer experience, marketing and sales.”

On July 11, Global Industrial announced the pending departure of CEO Barry Litwin, whose last day with the company is Aug. 9.

Global Industrial was No. 26 on MDM’s 2024 Top Industrial Supplies Distributors List.