Major distributors and manufacturers continue to raise their full-year outlook after better-than-expected 2Q results and persistent demand.
As evidenced by the latest round of quarterly earnings reports, some industrial distributors and manufacturers still see year-to-year growth.
The online retail giant, which doesn’t break out Amazon Business sales in quarterly earnings reports, said overall net loss was $2 billion in 2Q.
In the latest earnings reporting period for publicly-traded companies, these distributors and manufacturers reported strong sales figures.
It’s part of the toolmaker’s plan to save $1.5 billion in three-year cost savings while shifting resources and reprioritizing investments.
For the second quarter of 2022, Genuine Parts Company reported record sales of $5.6 billion, a 17% increase over the same period a year ago.
Watsco reported a profit margin of 27.9% from their sales of $2.13 billion compared to last year’s $1.85 billion.
The manufacturer reported second-quarter 2022 sales of $1.136 billion, an increase of $55.2 million over the same period last year.
The Louisiana company reported ‘record’ second-quarter sales for 2022, up 15% from last year to $2.1 billion.
The distributor also said annual revenue is now targeted at $3.3 billion, up from the previous guidance of $3.1 billion.
The company reported fiscal 2022 third-quarter net sales of $958.6 million for the three-month period ended May 28.
The company reported gross margin of 30.3% and an operating profit of $712 million, which was a 36.9% increase over 2021’s fiscal 3Q.
