Welcome to our dedicated page for Global Industrial Company news (Ticker: GIC), a resource for investors and traders seeking the latest updates and insights on Global Industrial Company stock.
Global Industrial Company, trading under the symbol GIC on the NYSE, has established itself as an industry leader in the distribution of industrial and maintenance, repair, and operations (MRO) products across North America. With a history spanning over 75 years, Global Industrial offers a vast portfolio of more than a million products, including storage and shelving, safety and security equipment, HVAC and fans, office supplies, and much more. The company caters to a diverse customer base, including small to large corporations, institutions, government agencies, and individual consumers.
Headquartered in Port Washington, NY, Global Industrial is a subsidiary of Systemax Inc. Their extensive product range is complemented by their proprietary Global Industrial Exclusive Brands™. The company emphasizes a solutions-based approach, leveraging their deep product knowledge to help customers solve problems and optimize operational efficiencies. This commitment is reflected in their robust suite of account management tools that enable functionalities like exporting purchase reports, setting spending caps, and managing multiple payments.
Recent achievements include the strategic acquisition of Indoff, which has bolstered their revenue and expanded their product offerings. Financial performance has been strong, with consistent growth in sales and operating income. For instance, the latest quarterly results showed sales of $323.4 million with an 18.1% increase, reflecting solid organic growth driven by enhanced e-commerce channels and customer engagement.
Global Industrial is also dedicated to social responsibility and environmental stewardship. Their ESG initiatives have made significant strides in promoting sustainability and community well-being. A noteworthy project is the collaboration with the Helen Keller National Center, where Global Industrial contributed to the enhancement of the center's facilities and the development of ADA-compliant products.
In summary, Global Industrial Company remains committed to delivering exceptional value and service to its customers, continuously evolving to meet market demands and investing in growth and innovation. Their solid financial standing and strategic initiatives position them well for future success.
Global Industrial Company (NYSE:GIC) reported its Q2 2024 financial results, showing sales growth of 6.8% to $347.8 million. The company's gross margin improved to 35.2% from 34.7% last year. However, operating income decreased 9.3% to $26.4 million, and net income per diluted share from continuing operations fell 7.1% to $0.52. The company's Board declared a $0.25 dividend. Excluding the Indoff acquisition, organic sales growth was 1.8%. The company noted a cautious customer purchasing environment but continues to invest in growth initiatives. Global Industrial had $38.8 million in cash and cash equivalents and $120.6 million in credit facility availability as of June 30, 2024.
Global Industrial Company (NYSE:GIC), a distributor of industrial products and MRO supplies, has announced its plans to release financial results for the second quarter ended June 30, 2024. The company will unveil these results on Tuesday, July 30, 2024, after U.S. market hours. Following the release, management will host a conference call and Q&A session at 5:00 p.m. Eastern Time on the same day. Interested parties can access the call by dialing 412-317-6347 five minutes before the start time. Additionally, a webcast will be available on the company's investor relations website. For those unable to attend the live call, the webcast will be archived for approximately 90 days.
Global Industrial Company (NYSE:GIC) has launched its new Global Industrial™ Bolted Teardrop Pallet Rack, part of its Made To Exceed™ line of Exclusive Brands. This storage solution is designed for warehouses, retail stores, and manufacturing facilities, offering easy installation and versatility. Key features include:
- Partially-assembled upright frames and pre-punched footplates
- Teardrop shape for easy beam height adjustments at 2" increments
- Recessed channel to protect bolts and nuts
- Compliant with ANSI MH 16.1 standards
- High weight capacity: 33,000 lb. total rated capacity for uprights
- Cost-efficient shipping and repair
- Customizable with various starter and add-on kits
- 2-Year warranty
The product aims to provide exceptional strength, durability, and value to customers, with the flexibility to adapt to evolving business needs.
Global Industrial Company (NYSE:GIC) has expanded its corporate social responsibility program, Partnerships With Purpose, to support K9s For Warriors, a non-profit providing service dogs to U.S. military veterans with PTSD and other traumas. The initiative kicked off at a NASCAR Xfinity Series race event at Pocono Raceway, featuring the K9s For Warriors logo on Austin Hill's No. 21 RCR Chevrolet.
The event included participation from K9s For Warriors team members, Global Industrial associates, and race partners RCR, Bennett Transportation & Logistics, and United Rentals. These partners also support various veteran-focused charities. The collaboration aligns with Global Industrial's 2024 ESG mission, which focuses on veterans, literacy, mental health, and the deaf/blind community.
Global Industrial Company (NYSE: GIC) announced the departure of CEO Barry Litwin, effective August 9, 2024. Litwin is leaving to pursue another opportunity after nearly six years with the company. Richard B. Leeds, the Executive Chairman of the Board, will serve as Interim CEO. Leeds has been with the company since 1982, previously serving as Chairman and CEO from 1995 and as President of the Industrial Products Group until 2011. The Board is conducting a search for a permanent CEO.
Global Industrial Company (NYSE:GIC) announced that CEO Barry Litwin and CFO Tex Clark will attend the Sidoti Small Cap Conference on June 12, 2024. The company will present at 11:30 a.m. ET and offer a webcast of the event. Additionally, management will host virtual one-on-one meetings with investors. More details can be found on the investor relations section of Global Industrial's website.
Global Industrial (NYSE:GIC) has been awarded the Great Place to Work® Certification for 2024. This recognition highlights the company's dedication to creating a positive work environment and fostering a culture of trust. According to the survey, 74% of employees believe Global Industrial is a great place to work, compared to 57% at typical U.S.-based companies. Additionally, 70% of associates report a high level of trust in the company, and over 80% feel welcomed, proud of their work, and believe in the ethical practices of management. CEO Barry Litwin emphasized the company's commitment to its employees as a key factor in its success.
Global Industrial (NYSE:GIC) has launched its largest air scrubber and negative air machine to date, capable of filtering, scrubbing, and cleaning up to 4.7 million cubic feet of air per day. This new product, part of the 'Made To Exceed' line, is designed for optimal air quality with a 3300 CFM airflow and HEPA filtration. It's powered by a standard 115-volt outlet, is portable, and emits a low noise level of 75 decibels. The unit can be tripled in capacity by plugging three units into one outlet. It features a two-stage filtration system, steel housing for durability, and can be used in facilities requiring ducting options.
Global Industrial Company (NYSE: GIC) reported first-quarter 2024 financial results with sales of $323.4 million, an 18.1% increase from the previous year. Operating income was $17.4 million, with a 5.4% operating margin. The company declared a $0.25 dividend. Gross profit was $110.9 million, with a gross margin of 34.3%. Net income from continuing operations was $13.1 million, with a diluted earnings per share of $0.34.
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