The company posted 3Q year-over-year sales growth of 5.4%, an impressive rebound from the 3.6% decline seen in 2Q.
The company’s 3Q YoY sales growth of 8.2% was a considerable slowdown from 2Q’s 16.4%, but still considered strong.
The company’s sales were $888 million for the third quarter of 2023, which was 2% higher than the second quarter of 2023.
The company estimated that net sales for the quarter were between $1.822 billion and $1.832 billion.
The growth was below Fastenal’s benchmark 3.1% rate that the company provided in its 3Q earnings presentation.
The company’s 1.9% YoY growth in the third quarter was a significant slowdown from 2Q’s 10.2% growth.
Beacon has expanded its branch footprint through nine acquisitions and the opening of 19 new greenfield locations this year.
It’s another big week for industrial manufacturer’s financial reports. We recap the key figures for seven of them here.
WESCO saw year-over-year growth in its CSS and UBS units, while its largest unit — EES — declined.
On a constant currency basis, sales decreased 7.8% year-over-year and decreased 2.9% sequentially, Avnet said in a news release.
Marietta, Georgia-based building products distributor BlueLinx reported a 24% decrease in sales revenue in the third quarter of 2023.
The company reported net sales of $4.5 billion, a 21.3% decrease primarily driven by a weaker housing market and commodity deflation.
