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) will announce its fourth quarter financial results for 2022 on February 21, 2023, after U.S. market hours. The management will hold a conference call at 5:00 p.m. ET on the same day to discuss the results. To join the call, dial 412-317-6347 five minutes early or access the webcast on their website. An archived version of the webcast will be available for about 90 days. Global Industrial, a leading distributor of industrial products, has provided solutions for over 70 years, offering more than a million products.
Global Industrial Company (NYSE:GIC) announced the appointment of Tom Suozzi as an independent member of its Board of Directors, effective January 30, 2023. He fills the vacancy left by Lawrence Reinhold, who retired from the board the same day. Suozzi, a former U.S. Representative and experienced public sector leader, will serve on both the Nominating/Corporate Governance and Compensation Committees. This strategic addition aims to enhance the board's governance and oversight capabilities. The company appreciates Reinhold's contributions over the years.
Global Industrial Company (NYSE:GIC) will participate in the 14th Annual Southwest IDEAS Investor Conference on November 17, 2022, at 1:45 p.m. ET. Tex Clark, Senior Vice President and Chief Financial Officer, will present at this event. A live broadcast of the presentation will be available via webcast on Global Industrial's corporate website. Additionally, management will conduct one-on-one meetings with investors on the same day. Global Industrial is a national distributor of a wide range of industrial products and MRO supplies.
Global Industrial Company (NYSE:GIC) has opened a new distribution center in Toronto, Canada, enhancing its North American operations. The state-of-the-art facility, over 300,000 square feet and LEED Certified, expands the company's inventory capacity in Canada by more than three times. This strategic move aims to improve service levels and shorten delivery times for Canadian customers. CEO Barry Litwin stated this expansion is expected to bolster customer satisfaction and support long-term growth in the region.
Global Industrial Company (NYSE:GIC) reported a 7.6% increase in net sales for Q3 2022, totaling $298.5 million, compared to $277.4 million last year. However, gross margin declined to 35.7% from 36.8%, and operating income decreased 10.1% to $27.5 million. Net income per diluted share from continuing operations fell 13.1% to $0.53. For the nine months ended September 30, net sales rose 13.0% to $905.6 million, with net income per diluted share growing 29.0% to $1.69. A cash dividend of $0.18 per share was declared, payable on November 21, 2022.
Global Industrial Company (NYSE:GIC) will release its third-quarter financial results on November 1, 2022, after U.S. market hours. A conference call will follow at 5:00 p.m. ET, where management will discuss the results and answer questions. Interested participants can join the call by dialing 412-317-6347 or via webcast on the company's investor website. An archived version of the call will be available for 90 days after the event.
Global Industrial Company (NYSE:GIC) has launched its first Environmental, Social and Governance (ESG) Report, highlighting its commitment to responsible corporate stewardship. The report emphasizes the company's dedication to sustainability, diversity, and resource management. CEO Barry Litwin stated that the report reflects the company's mission and underscores its ESG principles. The firm supports its initiatives through infrastructure investments, associate empowerment, and a focus on reducing resource consumption. The report is available on the company's dedicated ESG webpage.
Global Industrial Company (NYSE:GIC) announced its participation in the Sidoti & Company Small Cap Virtual Conference on September 21, 2022. CEO Barry Litwin and CFO Tex Clark will present at 11:30 a.m. ET. A live broadcast and replay will be accessible via the company's investor relations webpage. The management will also conduct one-on-one meetings with investors on the same day. Global Industrial has been a trusted distributor of industrial products for over 70 years, offering a vast range of MRO supplies.
Global Industrial Company (NYSE:GIC), a leading distributor of industrial products, will participate in the 12th Annual Midwest IDEAS Investor Conference on August 24, 2022, at 3:15 p.m. ET. Senior VP and CFO Tex Clark will present, with a live webcast accessible via the investor relations section of their website. The company will also hold one-on-one investor meetings that day. With over 70 years of experience, Global Industrial offers over a million products, emphasizing customer success through innovative solutions.
Global Industrial Company (NYSE:GIC) announced participation in the Jefferies Industrials Conference on August 9, 2022. CEO Barry Litwin and CFO Tex Clark will present at 1:30 p.m. ET. The presentation will be available via webcast on the company's investor relations website. Additionally, management will conduct one-on-one meetings with investors on the same day. Global Industrial, a leading distributor of industrial and MRO products, has served its customers for over 70 years, offering an extensive range of products, including exclusive brands.
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