エドガーで原本を確認する
Global Industrial Company | ||
| (Exact Name of Registrant as Specified in its Charter) | ||
| Delaware | 1-13792 | 11-3262067 | ||||||||||||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
11 Harbor Park Drive, Port Washington, New York |
11050 | |||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
| N.A. | ||
| (Former Name or Former Address, if Changed Since Last Report) | ||
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.13e-4(c)) | ||||
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered | ||||||
| Common Stock ($.01 par value) | GIC | New York Stock Exchange | ||||||
| Item 2.02 | Results of Operations and Financial Condition | ||||
| Item 8.01 | Other Events | ||||
| Item 9.01. | Financial Statements and Exhibits. | ||||
| Press Release of Global Industrial Company, dated February 25, 2025. | |||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | ||||
| GLOBAL INDUSTRIAL COMPANY | ||||||||
| Date: February 25, 2025 | ||||||||
| By: | /s/Thomas Axmacher | |||||||
| Name: Thomas Axmacher | ||||||||
| Title: Vice President and Controller | ||||||||
|
Performance Summary*
(U.S. dollars in millions, except per share data)
| |||||||||||||||||
| Highlights | Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net sales | $ | 302.3 | $ | 320.1 | $ | 1,315.9 | $ | 1,274.3 | |||||||||
| Gross profit | $ | 102.3 | $ | 108.2 | $ | 452.0 | $ | 435.8 | |||||||||
| Gross margin | 33.8 | % | 33.8 | % | 34.3 | % | 34.2 | % | |||||||||
| Operating income from continuing operations | $ | 14.5 | $ | 21.4 | $ | 80.5 | $ | 96.5 | |||||||||
| Operating margin | 4.8 | % | 6.7 | % | 6.1 | % | 7.6 | % | |||||||||
| Net income from continuing operations | $ | 10.6 | $ | 15.2 | $ | 60.7 | $ | 70.7 | |||||||||
| Net income per diluted share from continuing operations | $ | 0.27 | $ | 0.40 | $ | 1.57 | $ | 1.84 | |||||||||
Net income from discontinued operations |
$ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.0 | |||||||||
| Net income per diluted share from discontinued operations | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.00 | |||||||||
| * |
Global Industrial Company manages its business and reports using a 52-53 week fiscal year that ends at midnight on the Saturday closest to December 31. For clarity of presentation, fiscal years and quarters are described as if they ended on the last day of the respective calendar month. The actual fiscal fourth quarter ended on December 28, 2024 and December 30, 2023, respectively. The fourth quarters of both 2024 and 2023 included 13 weeks and the full year of both 2024 and 2023 included 52 weeks.
Average daily sales is calculated based upon the number of selling days in each period, with Canadian sales converted to U.S. dollars using the current year's average exchange rate. There were 62 selling days in the U.S. and Canada in the fourth quarter of 2024 and 2023. There were 253 selling days in the U.S. in 2024 and 2023 and 250 selling days in Canada in 2024 and 2023.
|
||||||||||||||||
| Quarter Ended December 31, |
Year Ended December 31, |
||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net sales | $ | 302.3 | $ | 320.1 | $ | 1,315.9 | $ | 1,274.3 | |||||||||||||||
| Cost of sales | 200.0 | 211.9 | 863.9 | 838.5 | |||||||||||||||||||
| Gross profit | 102.3 | 108.2 | 452.0 | 435.8 | |||||||||||||||||||
| Gross margin | 33.8 | % | 33.8 | % | 34.3 | % | 34.2 | % | |||||||||||||||
| Selling, distribution and administrative expenses | 87.8 | 86.8 | 371.5 | 339.3 | |||||||||||||||||||
| Operating income from continuing operations | 14.5 | 21.4 | 80.5 | 96.5 | |||||||||||||||||||
| Operating margin | 4.8 | % | 6.7 | % | 6.1 | % | 7.6 | % | |||||||||||||||
| Interest and other expense, net | 0.4 | 0.1 | 0.7 | 1.3 | |||||||||||||||||||
| Income from continuing operations before income taxes | 14.1 | 21.3 | 79.8 | 95.2 | |||||||||||||||||||
| Provision for income taxes | 3.5 | 6.1 | 19.1 | 24.5 | |||||||||||||||||||
| Net income from continuing operations | 10.6 | 15.2 | 60.7 | 70.7 | |||||||||||||||||||
| Net income from discontinued operations | 0.1 | 0.1 | 0.3 | 0.0 | |||||||||||||||||||
| Net income | $ | 10.7 | $ | 15.3 | $ | 61.0 | $ | 70.7 | |||||||||||||||
| Net income per common share from continuing operations: | |||||||||||||||||||||||
| Basic | $ | 0.27 | $ | 0.40 | $ | 1.58 | $ | 1.85 | |||||||||||||||
| Diluted | $ | 0.27 | $ | 0.40 | $ | 1.57 | $ | 1.84 | |||||||||||||||
| Net income per common share from discontinued operations: | |||||||||||||||||||||||
| Basic | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.00 | |||||||||||||||
| Diluted | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.00 | |||||||||||||||
| Net income per common share: | |||||||||||||||||||||||
| Basic | $ | 0.27 | $ | 0.40 | $ | 1.59 | $ | 1.85 | |||||||||||||||
| Diluted | $ | 0.27 | $ | 0.40 | $ | 1.58 | $ | 1.84 | |||||||||||||||
| Weighted average common and common equivalent shares: | |||||||||||||||||||||||
| Basic | 38.3 | 38.2 | 38.3 | 38.1 | |||||||||||||||||||
| Diluted | 38.4 | 38.3 | 38.4 | 38.2 | |||||||||||||||||||
| December 31, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 44.6 | $ | 34.4 | |||||||
| Accounts receivable, net | 126.5 | 130.7 | |||||||||
| Inventories | 167.1 | 150.8 | |||||||||
| Prepaid expenses and other current assets | 14.4 | 13.9 | |||||||||
| Total current assets | 352.6 | 329.8 | |||||||||
| Property, plant and equipment, net | 19.1 | 20.0 | |||||||||
| Operating lease right-of-use assets | 72.7 | 84.4 | |||||||||
| Goodwill and intangibles | 65.7 | 69.3 | |||||||||
| Other assets | 10.6 | 9.9 | |||||||||
| Total assets | $ | 520.7 | $ | 513.4 | |||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued expenses | $ | 154.3 | $ | 160.1 | |||||||
| Operating lease liabilities | 14.1 | 14.1 | |||||||||
| Total current liabilities | 168.4 | 174.2 | |||||||||
| Operating lease liabilities | 69.0 | 81.4 | |||||||||
| Other liabilities | 2.2 | 2.6 | |||||||||
| Shareholders’ equity | 281.1 | 255.2 | |||||||||
| Total liabilities and shareholders’ equity | $ | 520.7 | $ | 513.4 | |||||||
| Year Ended December 31, |
|||||||||||
| 2024 | 2023 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income from continuing operations | $ | 60.7 | $ | 70.7 | |||||||
| Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 7.6 | 6.4 | |||||||||
| Stock-based compensation | 2.8 | 3.0 | |||||||||
Provision for deferred taxes |
(0.5) | 2.0 | |||||||||
| Change in working capital | (22.3) | 26.7 | |||||||||
| Other, net | 2.1 | 3.2 | |||||||||
Net cash provided by operating activities from continuing operations |
50.4 | 112.0 | |||||||||
| Net cash provided by operating activities from discontinued operations | 0.3 | 0.0 | |||||||||
Net cash provided by operating activities |
50.7 | 112.0 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchases of property, plant and equipment | (3.8) | (3.9) | |||||||||
Purchase of Indoff LLC, net of cash acquired |
0.0 | (72.3) | |||||||||
Net cash used in investing activities from continuing operations |
(3.8) | (76.2) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Net (repayments) borrowings under credit facility | 0.0 | (0.6) | |||||||||
| Dividends paid | (38.4) | (30.6) | |||||||||
| Stock-based compensation share issuances, net | 1.7 | 1.5 | |||||||||
Net cash used in financing activities from continuing operations |
(36.7) | (29.7) | |||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0.0 | (0.2) | |||||||||
| NET INCREASE IN CASH | 10.2 | 5.9 | |||||||||
| CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR | 34.4 | 28.5 | |||||||||
| CASH AND CASH EQUIVALENTS – END OF PERIOD | $ | 44.6 | $ | 34.4 | |||||||