Motion continued to see sales growth and strong renewal rates with corporate account customers, which comprise about 45% of business.
The distributor frequently cited adverse weather in its 1Q report, while poor demand remains the core issue as pricing has stabilized.
The company noted that while 2Q sales were disappointing, gross margin improvement stemmed from internal improvements.
The PVF supplies distributor’s November-January sales increased 4.8% year-over-year.
The master distributor of parts for OEM foodservice, appliances, HVAC and consumer electronics provided updates on a number of iniatiatives.
Full-year operating and net profit jumped more than 40% vs. 2022.
Acquisitions drove nearly all of DSG’s growth in 2023, which marked its first full calendar year since forming in early 2022.
Non-heavy manufacturing, non-residential construction and reseller end markets outperformed January.
The plumbing and HVACR distribution giant also updated its plans to ‘domicile’ its ultimate parent company in the U.S. to reflect operations and leadership.
The distributor saw healthy 4Q organic growth, too, with comparable sales up 5.1% excluding GIC’s May 2023 acqusition of Indoff.
Acquisitions and greenfields powered strong volume growth, and the distributor bolted-on its second company in 2024.
However, the year-over-year sales declines improved throughout the year and were down only 4.7% in the fourth quarter.
