Wesco reported record second-quarter sales thanks to growth in two segments which offset a quarterly drop in its electrical business unit.
The additions for the plumbing and industrial supplies distribution giant are across three different industries.
The industrial distribution giant’s results seemed to outperform the rest of the sector, with a sequential revenue growth slowdown more subdued than what others have reported in this earnings cycle.
Structural connector and building solution manufacturer Simpson recorded consolidated net sales of $597.6 million, an increase of 0.7% YoY.
Operating margin improved year-over-year across all three key business units, while the pace of organic sales declined.
The industrial parts distributor’s profit margin grew 190 bps year-over-year despite sales growth that was less than half that of 1Q.
“The tone on the ground is one of leveling rather than significant declines,” said MSC CEO Erik Gershwind during a June 29 3Q earning call.
The strong growth figures suggest that metal-cutting production has not been drastically affected yet by an industrial slowdown.
Also known as AZ Partsmaster, the company reportedly had 2022 sales of approximately $155 million.
Total year-over-year sales growth of 5.9% was a sharp slowdown compared to 1Q, as daily sales slowed in each month during the quarter.
After combatting COVID-19, the ongoing record Canadian wildfire season seems to have pressed the urgency for NYC officials to propose bills that would create new air quality standards.
Applico outlines the most developed B2B vertical in eProcurement, its top SaaS providers and how distributors can take advantage.
