Group 1 - The analyst has over 14 years of experience in stock analysis and writing, with a focus on both long and short positions in an unbiased manner [1] - The primary focus of the analyst's coverage is on the energy sector, specifically the oilfield equipment services sector, for the past 7 years [1] - The analyst also covers the Industrial Supply industry and occasionally collaborates with another contributor [1] Group 2 - There is no disclosure of any stock, option, or similar derivative positions in the companies mentioned, nor any plans to initiate such positions within the next 72 hours [2] - The article expresses the analyst's own opinions and is not compensated beyond contributions to Seeking Alpha [2] - The analyst has no business relationship with any company whose stock is mentioned in the article [2]

Group 1 - The analyst has over 14 years of experience in stock analysis and writing, with a focus on both long and short positions in an unbiased manner [1] - The primary focus of the analyst's coverage is on the energy sector, particularly the oilfield equipment services sector, for the past 7 years [1] - The analyst also covers the Industrial Supply industry and occasionally collaborates with another contributor [1] Group 2 - There is no disclosure of any stock, option, or similar derivative positions in the companies mentioned, nor any plans to initiate such positions in the near future [2] - The article expresses the analyst's own opinions and is not compensated beyond contributions to Seeking Alpha [2] - The analyst has no business relationship with any company whose stock is mentioned in the article [2]

Financial Data and Key Metrics Changes - Average daily sales (ADS) for the fiscal third quarter declined 0.8% year over year but improved 7% quarter over quarter, exceeding historical sequential averages [8][24] - Gross margins were reported at 41%, improving 10 basis points year over year, while adjusted operating margins were at 9%, down 240 basis points compared to the prior year [9][29] - Reported operating margin for the quarter was 8.5%, compared to 10.9% in the prior year quarter [29] Business Line Data and Key Metrics Changes - Core customer daily sales were down 0.8% year over year, while public sector sales improved 2.4% year over year [10][25] - The installed base of vending machines increased to over 28,700, with average daily sales through vending up approximately 8% year over year [26] - Sales to customers with an implant program grew 10% year over year, also representing approximately 19% of total company net sales [26] Market Data and Key Metrics Changes - Conditions in primary end markets remain subdued, particularly in automotive and fabricated metals, while aerospace continues to show growth [14] - The manufacturing business sentiment has fluctuated, with readings returning to negative numbers in April and May, reflecting customer caution around tariffs [15] Company Strategy and Development Direction - The company is focused on three critical areas: reenergizing the core customer, maintaining momentum in high-touch solutions, and optimizing cost to serve [7] - The company is implementing a sales optimization initiative and productivity efforts to lower costs, alongside a tariff management plan [6][20] - The company aims to deliver $10 million to $15 million in annualized savings by fiscal year 2026 through network optimization initiatives [22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future production levels, despite current macroeconomic uncertainties [15] - The company remains committed to its strategic initiatives and is confident in the opportunities ahead, despite the subdued manufacturing environment [15][16] Other Important Information - The company repurchased approximately 117,000 shares during the quarter, returning approximately $56 million to shareholders [30] - Free cash flow conversion is expected to be approximately 120% for the full year, an increase from prior expectations of 100% [32] Q&A Session Summary Question: Price outlook for Q4 and next year - Management indicated that recent price increases would likely contribute low single digits to revenue, with ongoing inflationary pressures from suppliers [41][42] Question: Q4 margin outlook - Management expects operating margins to be flat to down 50 basis points quarter over quarter, with better gross margin performance anticipated [46][48] Question: Supplier price increases - Discussions with suppliers are ongoing and fluid, with general inflationary pressures being observed across the supply chain [55] Question: Core account growth potential - Management is encouraged by progress in core accounts and aims for growth consistent with company averages, focusing on marketing and web pricing [75][76] Question: Website metrics and marketing effectiveness - The company has seen consistent improvements in website traffic and conversion rates, driven by a combination of digital and personal outreach marketing efforts [90][91] Question: Digital Core initiative - The Digital Core initiative is being reactivated to enhance core order-to-cash systems, aimed at unlocking productivity [97] Question: Trends through June - Sales trends in June were reported as fairly consistent throughout the month [98]

Financial Data and Key Metrics Changes - Fiscal third quarter sales were $971 million, a decline of 0.8% year over year, with lower volumes offset by price benefits of 80 basis points and acquisitions contributing 60 basis points [21][22] - Average daily sales improved 7% quarter over quarter, exceeding historical sequential averages [21][22] - Reported operating margin for the quarter was 8.5%, down from 10.9% in the prior year, while adjusted operating margin was 9%, declining 240 basis points year over year [26][29] Business Line Data and Key Metrics Changes - Core customer daily sales declined 0.8% year over year, while public sector sales improved 2.4% [22][24] - Average daily sales through vending increased approximately 8% year over year, representing about 19% of total company net sales [24] - Sales to customers with an implant program grew 10% year over year, also representing approximately 19% of total company net sales [24] Market Data and Key Metrics Changes - Conditions in primary end markets remain subdued, particularly in automotive and fabricated metals, while aerospace shows continued growth [12][13] - Customer sentiment readings returned to negative numbers in April and May, reflecting caution around tariffs and general uncertainty [12][13] Company Strategy and Development Direction - The company is focused on three critical areas: reenergizing the core customer, maintaining momentum in high-touch solutions, and optimizing cost to serve [6][8] - The company is implementing a sales optimization initiative and productivity efforts to lower costs [5][15] - The company aims to deliver $10 million to $15 million in annualized savings by fiscal year 2026 through network optimization initiatives [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the opportunity ahead despite macroeconomic challenges, noting an improvement in performance against the overall IP index [13] - The outlook for the fiscal fourth quarter anticipates average daily sales to be down 0.5% to up 1.5% compared to the prior year, reflecting cautious demand as tariff deadlines approach [28][29] Other Important Information - The company added a new Senior Vice President and Chief Information Officer to enhance its technology leadership team [10] - Free cash flow conversion for the fiscal third quarter was approximately 134% [27] Q&A Session Summary Question: Price outlook for Q4 and next year - Management indicated that recent price increases would likely lead to a low single-digit increase in pricing, with ongoing inflationary pressures from suppliers [36][37] Question: Fourth quarter margin outlook - Management noted expectations for a flat to down 50 basis points sequential decline in operating margins, driven by better gross margin performance [42][44] Question: Supplier price increases - Discussions with suppliers are ongoing and fluid, with general inflationary pressures being observed [52][54] Question: Average daily sales trends - Management attributed recent sales improvements to macro factors and ongoing initiatives, with pricing not being a major variable in recent months [68][70] Question: Core accounts marketing efforts - Marketing efforts are in full swing, with a focus on enhancing customer experience and increasing traffic to the website [71][72] Question: Trends through June - Sales trends in June were described as fairly consistent throughout the month [93]

Group 1 - The analyst has over 14 years of experience in stock analysis, focusing on both long and short positions in an unbiased manner [1] - The primary focus of the analyst's coverage is on the energy sector, particularly the oilfield equipment services sector, for the past 7 years [1] - The analyst also covers the Industrial Supply industry and occasionally collaborates with other contributors [1]

I discussed GMS Inc. (NYSE: GMS ) in the past, and you can read the previous article here , published on April 8, 2025. The new privately owned housing market failed to make much headway in the pastI have more than 14 years of experience in analyzing and writing on stocks. I write on both long and short sides in an unbiased manner. I have been covering the energy sectors for the past 7 years, with the primary focus on the oilfield equipment services sector. I also cover the Industrial Supply industry. I occ ...

I have more than 14 years of experience in analyzing and writing on stocks. I write on both long and short sides in an unbiased manner. I have been covering the energy sectors for the past 7 years, with the primary focus on the oilfield equipment services sector. I also cover the Industrial Supply industry. I occasionally co-author with Seeking Alpha contributor Thomas Prescott.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to ...

Financial Data and Key Metrics Changes - Average daily sales declined 4.7% year over year, with a sequential decline of 5.5% despite January and February outperforming historical trends [6][20] - Fiscal second quarter sales were $892 million, down 4.7% year over year [20] - Gross margin was 41%, a decline of 50 basis points year over year, while adjusted operating margin was 7.1%, down 340 basis points year over year [22][24] - GAAP earnings per share were $0.70 compared to $1.10 in the prior year quarter, and adjusted earnings per share were $0.72 compared to $1.18 in the prior year [25] Business Line Data and Key Metrics Changes - Public sector sales grew 13.2% year over year, while national accounts declined 5.4% and core and other customers declined 6.8% [20] - Average daily sales through vending programs were up 1% year over year, representing 18% of total company net sales [21] - Sales through implant programs also grew 1% year over year, accounting for approximately 18% of total company net sales [21] Market Data and Key Metrics Changes - The industrial production (IP) readings across most top manufacturing end markets continued to contract, impacting performance [12] - Customer sentiment and future outlook have shown improvement, with recent MBI readings hovering around 50 [12] Company Strategy and Development Direction - The company is focused on improving execution and returning to growth despite a soft demand environment [6] - Key initiatives include enhancing the website for better customer experience, expanding the OEM product line, and maintaining momentum in high-touch solutions [8][11] - The company is navigating the tariff landscape with a playbook covering purchasing, pricing, assortment management, and productivity tools for customers [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about future prospects, citing a solid long-term manufacturing outlook and improving execution [12][13] - The company is well-positioned to navigate uncertainties due to tariff impacts and inflation concerns [12][14] Other Important Information - The company repurchased approximately 158,000 shares during the quarter, returning approximately $60 million to shareholders [26] - Expectations for the fiscal third quarter include average daily sales down 2% to flat compared to the prior year [27] Q&A Session Summary Question: Thoughts on the back half of the fiscal year - Management indicated cautious optimism, not assuming significant further erosion in end markets, and focusing on share gain initiatives [32][33] Question: Details on price increases announced in March - The price increase was small, primarily covering items where the company is the importer of record, with an estimated half a point of price benefit [44][45] Question: Update on web enhancements and marketing initiatives - Progress is on track, with improvements in customer acquisition and website traffic noted [56][58] Question: Insights on individual end markets, particularly automotive and aerospace - Management noted continued improvement in heavy manufacturing end markets, with automotive remaining soft but aerospace showing a robust outlook [70][71] Question: Pricing dynamics and expectations for the third quarter - Management explained that pricing was affected by customer sector mix, with expectations for flat pricing in the third quarter due to various factors [75][76] Question: Digital KPIs and future sales expectations - Management reported improvements in conversion rates and average order value, indicating positive momentum for future sales [86][87] Question: Impact of export customers on demand - Management acknowledged the difficulty in sizing export exposure but noted that a decline in export demand would impact domestic performance [90][91]

中国MRO采购服务市场的最大参与者。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 京东工业股份有限公司 （以下简称 " 京东工业 "）于2 025 年 3月3 0 日更 新招股书，继续推进港交所主板上市进程，美银、高盛和海通国际担任联席保荐人。 2017年 ，京东工业 开始 布局 专注于 MRO 采购 服务的供应链技术与服务业务 ，现已 成为中国 MRO 采购 服务市场的最大参与者 。 根据灼识 咨询 的资料显示，按 2024年的交易额 计算 ， 京 东工业 排名第一 。 自 2022年至2024年 ，京东工业 的交易额由约 223亿元 以 13.5% 的复合年 增长率增 至 288亿元 。 根据灼识 咨询 的资料显示，按 2024年交易额 计算 ， 京东工业 亦为中国工业供应链技术与服务 市场最大的服务提供商 。 截至 2024年12月31日， 京东工业 已提供约 5,710万个SKU，涵盖77 个产品类别。2024年， 京东工业 的商品供应源自于由约 121,700家制造商、分销商及代理商组成 的工业品供应网络。 另 根据灼识 咨询 的 ...

2017年7月，京东工业开始作为京东集团的独立业务单位运营工业供应链技术与服务业务。 根据灼识 咨询 的资料显示，按2023年交易额 计算 ，京东工业排名第一。 随着 向更广阔的工业供应链市场扩 展，按2023年交易额 计算 ，京东工业亦为中国工业供应链技术与服务市场最大的服务提供商 。 2021年至2023年，京东工业的交易额由约174亿元 以2 2.5% 的复合年增长率 增至261亿元 。 2023年，京东工业的交易额 为 261亿元 。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息， 京东工业 股份有限公司（以下简称"京东工业"）于2024年9月30日再次向港交所 递交招股说明书，拟主板挂牌上市，美银、高盛和海通国际担任联席保荐人。 2023年3月30日，京东工业首次向港交所递交招股说明书；同日，京东产发亦向港交所递交招股说明 书。二者后续再无进一步推进。 根据灼识咨询的资料显示，京东工业于2023年在中国的工业供应链技术与服务市场拥有最广泛的客户 覆盖。截至2024年6月30日前的12个月内，京东工业服务超过9,900个重点企业客户。在20 ...