Financial Performance - Consolidated sales decreased 3.4% to $342.4 million compared to $354.6 million last year[3] - Consolidated gross margin increased to 34.0% compared to 32.8% last year[3] - Consolidated operating income from continuing operations decreased 21.3% to $22.2 million compared to $28.2 million last year[3] - Net income per diluted share from continuing operations decreased 18.5% to $0.44 compared to $0.54 last year[3] - Year-to-date consolidated sales increased 6.2% to $1.0 billion compared to $954.2 million last year[4] - Year-to-date consolidated gross margin increased to 34.5% compared to 34.3% last year[4] - Net income from continuing operations decreased to $50.1 million from $55.5 million year-over-year, representing a decline of approximately 8.1%[11] Cash Flow and Working Capital - Total working capital as of September 30, 2024, was $180.9 million, with cash and cash equivalents of $38.9 million[5] - Operating cash flow provided by continuing operations in the quarter was $9.6 million[5] - Net cash provided by operating activities from continuing operations was $34.6 million, down from $103.8 million, a decrease of about 66.7%[11] - Cash and cash equivalents at the end of the period rose to $38.9 million from $34.3 million, an increase of about 16.9%[11] - The company reported a change in working capital of $(24.2) million compared to a positive change of $39.3 million in the previous year[11] Dividends and Stockholder Returns - The Board of Directors declared a cash dividend of $0.25 per share payable on November 18, 2024[5] - Dividends paid increased to $28.8 million from $23.0 million, an increase of approximately 25.2%[11] Investment and Expenses - Net cash used in investing activities was $3.1 million, significantly lower than $75.6 million in the previous period, indicating a reduction of about 95.9%[11] - Depreciation and amortization increased to $5.8 million from $4.5 million, reflecting a rise of approximately 29.1%[11] - Stock-based compensation decreased to $1.1 million from $2.1 million, a decline of approximately 47.6%[11] - The company made no cash acquisition for Indoff LLC, contrasting with a cash outflow of $72.3 million in the previous period[11] Market Outlook and Strategy - The company identified key areas for improvement and plans to enhance performance as market conditions improve[5] Foreign Exchange Impact - The effect of exchange rate changes on cash was $(0.1) million, compared to no effect in the previous period[11]

Core Insights - Investors in Global Industrial Company (GIC) should monitor stock movements due to high implied volatility in options, particularly the Sep. 20, 2024 $40 Call option [1] Company Analysis - Global Industrial is currently rated as Zacks Rank 3 (Hold) within the Industrial Services industry, which is in the bottom 11% of the Zacks Industry Rank [3] - Over the past 60 days, no analysts have increased earnings estimates for the current quarter, while one analyst has decreased the estimates, leading to a reduction in the Zacks Consensus Estimate from 63 cents per share to 61 cents [3] Options Market Insights - The high implied volatility suggests that options traders anticipate a significant price movement for Global Industrial shares, indicating potential trading opportunities [4] - Seasoned options traders often seek high implied volatility options to sell premium, aiming for the underlying stock to not move as much as expected by expiration [4]

Financial Data and Key Metrics Changes - Second quarter revenue improved 6.8% to approximately $348 million, with organic revenue up 1.8% [27][43] - Gross profit for the quarter was $122.5 million, up 8.5% from last year, and gross margin was 35.2%, an increase of 50 basis points year-over-year [30][4] - Operating income from continuing operations was $26.4 million, with an operating margin of 7.6% [44] Business Line Data and Key Metrics Changes - Managed sales channels led performance, with strong growth in the enterprise business, while smaller customers and e-commerce channels showed softer performance [45][43] - SG&A spending was $96.1 million, or 27.6% of net sales, an increase of 190 basis points from last year, reflecting planned investments in sales and marketing initiatives [7][41] Market Data and Key Metrics Changes - Organic U.S. revenue was up 2.1%, while Canada revenue was down 1.1% in local currency [43] - Customer satisfaction scores remained above 90%, indicating a strong commitment to customer experience [28] Company Strategy and Development Direction - The company is focused on investments that strengthen competitive position and capture market share, with a disciplined approach to cost management [5][41] - The management team is confident in their ability to maintain gross margins despite rising ocean freight costs and fluctuating market conditions [37][51] Management Comments on Operating Environment and Future Outlook - The management noted a cautious customer purchasing behavior and mixed revenue performance, with expectations for SG&A levels to moderate in the second half of the year [4][19] - There is uncertainty in the market, with fluctuations in organic growth and key indicators moving in different directions [46][54] Other Important Information - The company maintains a strong balance sheet with a current ratio of 1.9:1, $38.8 million in cash, and no debt [15] - A quarterly dividend of $0.25 per share was declared by the Board of Directors [31] Q&A Session Summary Question: Are there certain customers, products, or end markets that stand out as being particularly weak? - Management acknowledged mixed performance across segments, with smaller customers and e-commerce channels showing softness [45] Question: What about the outlook for the second half? - Management indicated uncertainty in forecasting, with some weeks showing positive trends and others negative [46] Question: Is the company considering controlling costs in the second half given the uncertain revenue outlook? - Management plans to continue with planned investments while moderating SG&A levels from Q2 [53][47] Question: Can you elaborate on the gross margin improvements and the impact of ocean freight costs? - Management highlighted proactive price management and the introduction of private label products as key drivers for gross margin improvements, while acknowledging the sustained rise in ocean freight costs [56][51]

Core Viewpoint - Global Industrial reported quarterly earnings of $0.52 per share, matching the Zacks Consensus Estimate, but down from $0.56 per share a year ago [1][2] Financial Performance - Revenues for the quarter ended June 2024 were $347.8 million, missing the Zacks Consensus Estimate by 0.30%, compared to $325.8 million in the same quarter last year [2] - The company has exceeded consensus revenue estimates three times in the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.63 on revenues of $366.48 million, and for the current fiscal year, it is $1.93 on revenues of $1.37 billion [8] Stock Performance - Global Industrial shares have declined approximately 9.4% since the beginning of the year, while the S&P 500 has gained 14.5% [6] - The stock currently holds a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [4][13] Industry Context - The Industrial Services industry, to which Global Industrial belongs, is currently ranked in the bottom 10% of over 250 Zacks industries, suggesting a challenging environment [14] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [13]

Results of Operations Three and Six Months Ended June 30, 2024 compared to the Three and Six Months Ended June 30, 2023 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|----------------|-----------------------|-------------------------|--------------|-------------------------|-----------------------| | | Three \n2024 | Months Ended \n2023 | June 30, \n% Change | Six \n2024 | Months Ended \n2023 | June 30, \n% Change | | Net sales of continuin ...

Financial Performance - Consolidated sales increased 6.8% to $347.8 million compared to $325.8 million last year[5] - Year-to-date sales increased 11.9% to $671.2 million compared to $599.6 million last year[6] - Average daily sales increased by 1.8% on an organic basis in the second quarter[7] - Operating income from continuing operations decreased 9.3% to $26.4 million compared to $29.1 million last year[5] - Operating income for the first six months decreased 6.6% to $43.8 million compared to $46.9 million last year[6] - Net income from continuing operations for the six months ended June 30, 2024, was $33.3 million, a decrease of 4.3% compared to $34.8 million for the same period in 2023[15] - Net income per diluted share from continuing operations decreased 7.1% to $0.52 compared to $0.56 last year[5] Cash Flow and Investments - Net cash provided by operating activities from continuing operations decreased to $25.0 million for the six months ended June 30, 2024, down from $65.5 million in the prior year, a decline of 61.8%[15] - The company reported a net cash used in investing activities of $2.2 million for the six months ended June 30, 2024, compared to $73.7 million in the prior year, indicating a significant reduction in investment outflows[15] Assets and Liabilities - Total assets rose to $542.5 million as of June 30, 2024, compared to $513.4 million at the end of 2023, marking an increase of 5.9%[13] - Total current assets increased to $366.9 million as of June 30, 2024, up from $329.8 million on December 31, 2023, representing an increase of 11.9%[13] - Total current liabilities increased to $195.8 million as of June 30, 2024, up from $174.2 million on December 31, 2023, reflecting a rise of 12.8%[13] - Cash and cash equivalents at the end of the period were $38.8 million, a decrease from $44.9 million at the end of 2023, representing a decline of 13.6%[15] Shareholder Returns - The Board declared a cash dividend of $0.25 per share, payable on August 19, 2024[7] - Dividends paid increased to $19.2 million in the first half of 2024, compared to $15.3 million in the same period of 2023, an increase of 25.5%[15] Working Capital - The company had total working capital of $171.1 million and cash and cash equivalents of $38.8 million as of June 30, 2024[7] - The company experienced a change in working capital of $(14.5) million for the six months ended June 30, 2024, compared to a positive change of $25.4 million in the prior year[15] Strategic Initiatives - The company continues to invest in key growth initiatives to strengthen its competitive position and enhance revenue growth[7] - Gross margin improved to 35.2% from 34.7% in the prior year, with an adjusted gross margin of 36.8% excluding Indoff[5] - Shareholders' equity rose to $270.4 million as of June 30, 2024, up from $255.2 million at the end of 2023, reflecting a growth of 5.8%[13]

Global Industrial (GIC) came out with quarterly earnings of $0.34 per share, missing the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.53%. A quarter ago, it was expected that this technology products marketer would post earnings of $0.40 per share when it actually produced earnings of $0.40, delivering no surprise.Over the last four quarters ...

For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (516) 608-7000 Securities registered pursuant to Sect ...

Exhibit 99.1 GLOBAL INDUSTRIAL COMPANY REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Sales of $323.4 Million, Increase 18.1% Operating Income of $17.4 Million; Operating Margin 5.4% Board Declares $0.25 Dividend PORT WASHINGTON, NY, April 30, 2024 – Global Industrial Company (NYSE: GIC) today announced financial results for the first quarter ended March 31, 2024. | Performance Summary* | | | | | | --- | --- | --- | --- | --- | | (U.S. dollars in millions, except per share data) | | | | | | Highlights | | Qua ...

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13792 Global Industrial Company (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization ...