Global Industrial Company Reports Second Quarter 2025 Financial Results

July 31, 2025|News & Headlines

Global Industrial Company, a value-added distributor and source for industrial equipment and supplies has announced financial results for the second quarter ended June 30.

Performance Summary* (U.S. dollars in millions, except per share data)
Highlights		Quarter Ended June 30,		Six Months Ended June 30,
		2025	2024	2025	2024
Net sales		$ 358.9	$ 347.8	$ 679.9	$ 671.2
Gross profit		$ 133.0	$ 122.5	$ 245.1	$ 233.4
Gross margin		37.1 %	35.2 %	36.0 %	34.8 %
Operating income from continuing operations		$ 33.5	$ 26.4	$ 51.7	$ 43.8
Operating margin		9.3 %	7.6 %	7.6 %	6.5 %
Net income from continuing operations		$ 25.1	$ 20.2	$ 38.6	$ 33.3
Net income per diluted share from continuing operations		$ 0.65	$ 0.52	$ 0.99	$ 0.86

Net income from discontinued operations		$ 0.0	$ 0.1	$ 0.1	$ 0.2
Net income per diluted share from discontinued operations		$ 0.00	$ 0.00	$ 0.00	$ 0.01
*	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 quarters ended June 28, 2025 and June 29, 2024, respectively. The second quarters of both 2025 and 2024 included 13 weeks and the first six months of both 2025 and 2024 included 26 weeks.

Second Quarter 2025 Financial Summary:

Consolidated sales increased 2 percent to $358.9 million compared to $347.8 million last year;
Consolidated gross margin increased to 1 percent, a quarterly record, compared to 35.2 percent last year;
Consolidated operating income from continuing operations increased 9 percent to $33.5 million, a quarterly record, compared to $26.4 million last year; and
Net income per diluted share from continuing operations increased 0 percent to $0.65 compared to $0.52 last year.

Year to Date Q2 2025 Financial Summary:

Consolidated sales increased 3 percent to $679.9 million compared to $671.2 million last year;
Consolidated gross margin increased to 0 percent compared to 34.8 percent last year;
Consolidated operating income from continuing operations increased 0 percent to $51.7 million compared to $43.8 million last year; and
Net income per diluted share from continuing operations increased 1percent to $0.99 compared to $0.86 last year.

As of June 30, 2025, the Company had total working capital of $206.7 million, cash and cash equivalents of $55.1 million, and excess availability under its credit facility of approximately $120.4 million. Operating cash flow provided by continuing operations in the quarter was $31.8 million. The Company’s Board of Directors has declared a cash dividend of $0.26 per share to common stock shareholders of record at the close of business on August 11, payable on August 18.

GLOBAL INDUSTRIAL COMPANY

Condensed Consolidated Statements of Operations – Unaudited

(In millions, except per share amounts)

	Quarter Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net sales	$ 358.9	$ 347.8	$ 679.9	$ 671.2
Cost of sales	225.9	225.3	434.8	437.8
Gross profit	133.0	122.5	245.1	233.4
Gross margin	37.1 %	35.2 %	36.0 %	34.8 %
Selling, distribution and administrative expenses	99.5	96.1	193.4	189.6
Operating income from continuing operations	33.5	26.4	51.7	43.8
Operating margin	9.3 %	7.6 %	7.6 %	6.5 %
Interest and other (income) expense, net	(0.3)	0.1	(0.2)	0.3
Income from continuing operations before income taxes	33.8	26.3	51.9	43.5
Provision for income taxes	8.7	6.1	13.3	10.2
Net income from continuing operations	25.1	20.2	38.6	33.3
Net income from discontinued operations	0.0	0.1	0.1	0.2
Net income	$ 25.1	$ 20.3	$ 38.7	$ 33.5

Net income per common share from continuing operations:
Basic	$ 0.65	$ 0.52	$ 1.00	$ 0.87
Diluted	$ 0.65	$ 0.52	$ 0.99	$ 0.86

Net income per common share from discontinued operations:
Basic	$ 0.00	$ 0.00	$ 0.00	$ 0.01
Diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.01

Net income per common share:
Basic	$ 0.65	$ 0.52	$ 1.00	$ 0.88
Diluted	$ 0.65	$ 0.52	$ 0.99	$ 0.87

Weighted average common and common equivalent shares:
Basic	38.4	38.2	38.4	38.2
Diluted	38.4	38.4	38.4	38.4

GLOBAL INDUSTRIAL COMPANY

Condensed Consolidated Balance Sheets – Unaudited

(In millions)

	June 30,	December 31,
	2025	2024
Current assets:
Cash and cash equivalents	$ 55.1	$ 44.6
Accounts receivable, net	156.8	126.5
Inventories	171.2	167.1
Prepaid expenses and other current assets	10.9	14.4
Total current assets	394.0	352.6
Property, plant and equipment, net	19.4	19.1
Operating lease right-of-use assets	96.2	72.7
Goodwill and intangibles	65.9	65.7
Other assets	11.0	10.6
Total assets	$ 586.5	$ 520.7

Current liabilities:
Accounts payable and accrued expenses	$ 172.4	$ 154.3
Operating lease liabilities	14.9	14.1
Total current liabilities	187.3	168.4
Operating lease liabilities	92.1	69.0
Other liabilities	1.9	2.2
Shareholders’ equity	305.2	281.1
Total liabilities and shareholders’ equity	$ 586.5	$ 520.7

GLOBAL INDUSTRIAL COMPANY

Condensed Consolidated Statements of Cash Flows – Unaudited

(In millions)

	Six Months Ended June 30,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continuing operations	$ 38.6	$ 33.3
Adjustments to reconcile net income from continuing operations to net cash provided by (used in) operating activities:
Depreciation and amortization	3.8	3.8
Stock-based compensation	3.7	0.6
Provision for deferred taxes	(0.3)	(0.1)
Change in working capital	(11.3)	(14.5)
Other, net	0.6	1.9
Net cash provided by operating activities from continuing operations	35.1	25.0
Net cash provided by operating activities from discontinued operations	0.0	0.2
Net cash provided by operating activities	35.1	25.2

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(1.6)	(2.2)
Acquisition	(4.0)	0.0
Net cash used in investing activities	(5.6)	(2.2)

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(20.1)	(19.2)
Stock-based compensation share issuances, net	1.2	0.7
Net cash used in financing activities	(18.9)	(18.5)

EFFECT OF EXCHANGE RATE CHANGES ON CASH	(0.1)	(0.1)

NET INCREASE IN CASH	10.5	4.4
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	44.6	34.4
CASH AND CASH EQUIVALENTS – END OF PERIOD	$ 55.1	$ 38.8