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) has appointed Adina Storch as Senior Vice President and General Counsel, effective immediately. Reporting to CEO Barry Litwin, she will oversee the company's legal, risk management, and compliance functions. Storch brings significant experience from her previous roles, including General Counsel at Cedar Realty Trust and a partner at Kasowitz, Benson, Torres & Friedman LLP. Her appointment reflects the company's commitment to legal excellence and strategic growth.
Global Industrial Company (NYSE:GIC) will participate in the Southwest IDEAS Virtual Investor Conference on November 18, 2021. Senior Vice President and CFO Tex Clark will host one-on-one meetings with investors during the event. With over 70 years of experience, Global Industrial is a leading distributor of industrial products and MRO supplies, offering an extensive range of over a million items, including exclusive brands. The company emphasizes a solutions-based approach to help customers succeed. For more details, visit their official site.
Global Industrial Company (NYSE:GIC) is set to sponsor Sheldon Creed at the NASCAR Xfinity Series Championship Race on November 6, 2021. Creed will drive the No. 78 Global Industrial Chevrolet Camaro at Phoenix Raceway, one day after participating in the NASCAR Truck Series championship race. This event marks Creed's only NASCAR Xfinity Series start for 2021. The partnership with Richard Childress Racing aims to enhance Global Industrial's brand visibility in a premier racing environment, forging connections with NASCAR's dedicated fanbase.
Global Industrial Company (GIC) reported Q3 2021 sales of $277.4 million, a 2.9% decrease from Q3 2020. Despite supply chain constraints impacting product availability, the company achieved a record gross margin of 36.8% and an operating margin of 11.0%. Operating income totaled $30.6 million, reflecting a sequential growth of 23.9%. Net income per diluted share from continuing operations was $0.61, a 4.7% decline year-over-year. The Board declared a $0.16 dividend per share.
Global Industrial Company (NYSE:GIC) has announced a multi-year floor care trademark license agreement with Caterpillar, launching a new line of Cat® Floor Care Equipment. This product range includes industrial scrubbers, sweepers, and vacuums tailored for facility maintenance. Notable products include the C49R Auto Ride-On Sweeper and the C40R Auto Ride-On Floor Scrubber, designed to enhance productivity and cleaning efficiency. The new line will be showcased at upcoming trade shows in November 2021.
Global Industrial Company (NYSE:GIC) will report its third quarter financial results on November 2, 2021, after U.S. market hours. A conference call will follow at 5:00 p.m. ET, and interested parties can join by calling 412-317-6347 or accessing the webcast on the company's website. The call will be archived for 90 days for those unable to attend live. Global Industrial has over 70 years of experience in distributing industrial and MRO products, offering more than a million items, including exclusive brands.
Global Industrial Company (NYSE:GIC) has launched the Trash Talk connected trash can product line in collaboration with Nordsense, utilizing IoT sensor technology to enhance waste management efficiency. This partnership aims to reduce waste collection by up to 50%, optimizing fleet routes and providing real-time monitoring of fill levels. The product line, which includes 11 types of trash receptacles, is designed for municipalities, waste operators, and facility managers, reinforcing the commitment to environmentally friendly solutions and customer experience.
Global Industrial Company (NYSE:GIC) will participate in the Sidoti & Company Fall 2021 Virtual Small Cap Conference on September 22, 2021, at 9:15 a.m. ET. CEO Barry Litwin and CFO Tex Clark will present. The presentation will be available via webcast on the company’s investor relations website. One-on-one meetings with investors will also be conducted on the same day. Global Industrial has over 70 years of experience as a national distributor of industrial products and MRO supplies, offering a vast selection of over one million products.
Global Industrial Company (NYSE:GIC) has appointed Alex Tomey as Senior Vice President and Chief Merchandising Officer, effective immediately. Mr. Tomey, who has over 20 years of experience in merchandising, will be responsible for enhancing the company's merchandise strategy. He previously served as Co-Chief Merchandising Officer at Petco and held positions at DICK'S Sporting Goods, Kohl's, and Walmart. CEO Barry Litwin expressed confidence in Tomey's ability to drive margin performance and expand product categories, which is expected to benefit GIC's operations.
Global Industrial Company (NYSE:GIC) reported a 12.6% increase in sales to $272.6 million for Q2 2021, marking the fourth consecutive quarter of double-digit growth. Operating income rose 22.9% to $24.7 million, with operating margin expanding to 9.1%. Net income per diluted share from continuing operations increased 37.5% to $0.55. The company declared a $0.16 dividend for shareholders. Cash and cash equivalents stood at $41.6 million as of June 30, 2021, with positive operating cash flow of $11.6 million.
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