Sales Increased 7.7% to $386.6 Million and 9.3% on an Average Daily Sales Basis
Board Declared $0.28 Dividend
PORT WASHINGTON, N.Y.--(BUSINESS WIRE)--August 04, 2026--
Global Industrial Company $(GIC)$, a value-added distributor and source for industrial equipment and supplies today announced financial results for the second quarter ended June 30, 2026.
Performance Summary*
(U.S. dollars in millions, except per share data)
--------------------------------------------------------------------------
Quarter Ended Six Months Ended
Highlights June 30, June 30,
------------------------------------- --------------- ------------------
GAAP Results 2026 2025 2026 2025
------------------------------------- ------- ------ -------- --------
Net sales $386.6 $358.9 $737.0 $679.9
------------------------------------- ------- ------ -------- --------
Gross profit $155.4 $133.0 $277.3 $245.1
------------------------------------- ------- ------ -------- --------
Gross margin 40.2% 37.1% 37.6% 36.0%
------------------------------------- ------- ------ -------- --------
Operating income from continuing
operations $49.3 $33.5 $69.9 $51.7
------------------------------------- ------- ------ -------- --------
Operating margin 12.8% 9.3% 9.5% 7.6%
------------------------------------- ------- ------ -------- --------
Net income from continuing
operations $37.1 $25.1 $52.4 $38.6
------------------------------------- ------- ------ -------- --------
Net income per diluted share from
continuing operations $0.96 $0.65 $1.35 $0.99
------------------------------------- ------- ------ -------- --------
Net income from discontinued
operations $0.0 $0.0 $1.3 $0.1
------------------------------------- ------- ------ -------- --------
Net income per diluted share from
discontinued operations $0.00 $0.00 $0.03 $0.00
------------------------------------- ------- ------ -------- --------
Non-GAAP Results**
------------------------------------- ------- ------ -------- --------
Gross profit $134.3 $133.0 $256.2 $245.1
------------------------------------- ------- ------ -------- --------
Gross margin 34.7% 37.1% 34.8% 36.0%
------------------------------------- ------- ------ -------- --------
Operating income from continuing
operations $28.2 $33.5 $48.8 $51.7
------------------------------------- ------- ------ -------- --------
Operating margin 7.3% 9.3% 6.6% 7.6%
------------------------------------- ------- ------ -------- --------
Net income from continuing
operations $20.7 $25.1 $36.0 $38.6
------------------------------------- ------- ------ -------- --------
Net income per diluted share from
continuing operations $0.54 $0.65 $0.93 $0.99
------------------------------------- ------- ------ -------- --------
* 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 July 4, 2026 and June 28, 2025,
respectively. The second quarters of both 2026 and 2025 included 13 weeks
and the first six months of both 2026 and 2025 included 26 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 63 selling days in the
U.S. in the second quarter of 2026 compared to 64 selling days in the
second quarter of 2025 and there were 128 selling days in the U.S. for
the six months ended June 30, 2026 and 2025, respectively. There were 63
selling days in Canada in each of the second quarters of 2026 and 2025,
respectively, and there were 126 selling days in Canada for the six
months ended June 30, 2026 and 2025, respectively.
--------------------------------------------------------------------------
** During the second quarter ended June 30, 2026, the Company recorded
approximately $26.2 million associated with refunds of IEEPA tariffs
previously paid, comprising $21.1 million related to cost of sales, $4.0
million reduction to inventory not yet sold and $1.1 million of interest
income. The non-GAAP results above reflect the exclusion of this one-time
benefit from gross profit, operating income from continuing operations,
net income and earnings per share.
--------------------------------------------------------------------------
Second Quarter 2026 Financial Summary:
-- Consolidated sales increased 7.7% to $386.6 million compared to $358.9
million last year and average daily sales increased 9.3% compared to
prior year.
-- Consolidated gross margin increased to 40.2% compared to 37.1% last
year. Excluding refunds from tariffs, consolidated gross margin would
have been 34.7%, in line with historical performance.
-- Consolidated operating income from continuing operations increased
47.2% to $49.3 million compared to $33.5 million last year. Excluding
refunds from tariffs, consolidated operating income would have been $28.2
million.
-- Net income per diluted share from continuing operations increased 47.7%
to $0.96 compared to $0.65 last year. Excluding refunds from tariffs, net
income per diluted share would have been $0.54.
Year to Date Q2 2026 Financial Summary:
-- Consolidated sales increased 8.4% to $737.0 million compared to $679.9
million last year and average daily sales increased 8.4% compared to
prior year.
-- Consolidated gross margin increased to 37.6% compared to 36.0% last
year. Excluding refunds from tariffs, consolidated gross margin would
have been 34.8%.
-- Consolidated operating income from continuing operations increased
35.2% to $69.9 million compared to $51.7 million last year. Excluding
refunds from tariffs, consolidated operating income would have been $48.8
million.
-- Net income per diluted share from continuing operations increased 36.4%
to $1.35 compared to $0.99 last year. Excluding refunds from tariffs, net
income per diluted share would have been $0.93.
Anesa Chaibi, Chief Executive Officer, said, "We delivered another quarter of strong, broad-based growth, with second quarter revenue increasing 7.7%, and 9.3% on an average daily sales basis. This marks our third consecutive quarter of high single-digit average daily sales growth as we benefited from gains in both volume and price."
"We are pleased with the momentum in the business and the progress we are making in advancing our go-to-market approach. We continue to deepen customer relationships, expand e-procurement adoption, strengthen vertical specialization, and enhance coordination across our sales, marketing, merchandising and digital teams. These initiatives are designed to drive sustainable organic growth, increase share of wallet, support continued market-share gains and enhance our long-term performance."
At June 30, 2026, the Company had total working capital of $249.0 million, cash and cash equivalents of $86.7 million, and excess availability under its credit facility of approximately $119.8 million. Operating cash flow provided by continuing operations in the quarter was $41.3 million. During the second quarter ended June 30, 2026, the Company recorded a benefit of approximately $26.2 million associated with refunds of IEEPA tariffs, comprising $21.1 million related to cost of sales, $4.0 million reduction to inventory not yet sold and $1.1 million of interest income. The Company does not expect any future refunds of IEEPA tariffs assessed to date to be material. Quarter end cash balances reflect approximately $15.3 million of tariff refunds received in the fiscal second quarter, with an additional $10.9 million received in early July recorded as a receivable at quarter end. The Company also repurchased approximately 160,000 shares of its common stock at an aggregate purchase price of $4.7 million during the second quarter ended June 30, 2026. The Company's Board of Directors has declared a cash dividend of $0.28 per share to common stock shareholders of record at the close of business on August 17, 2026, payable on August 24, 2026.
Earnings Conference Call Details
Global Industrial Company will host a conference call and question and answer session on its second quarter 2026 results today, August 4, 2026 at 5:00 p.m. Eastern Time. A live webcast of the call will be available on the Company's website at https://investors.globalindustrial.com in the events section. The webcast will also be archived on the website for approximately 90 days.
About Global Industrial Company
Global Industrial Company (NYSE: GIC), is a leading distributor of high-quality, industrial-strength equipment and supplies, serving organizations of all sizes across a wide range of industries. With more than 75 years of experience, customers rely on Global Industrial for its broad portfolio of national and private brands, trusted service and focus on value. We help customers keep their operations running by delivering the right products when they need them, because We Can Supply That$(R)$. Visit Globalindustrial.com, and follow us on Facebook, Instagram, and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission or otherwise. Any such statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections and are not guarantees of future performance. When used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this report are based on the Company's beliefs and expectations as of the date of this report and are subject to risks and uncertainties which may have a significant impact on the Company's business, operating results or financial condition. Investors are cautioned that these forward-looking statements are inherently uncertain and undue reliance should not be placed on them. Important risk factors that may affect our future results of operations and financial condition are detailed from time to time in our Securities and Exchange Commission filings. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected events, except as may be required by applicable law.
GLOBAL INDUSTRIAL COMPANY
Condensed Consolidated Statements of Operations - Unaudited
(In millions, except per share amounts)
Quarter Ended Six Months Ended
June 30, June 30,
---------------------- ----------------------
2026 2025 2026 2025
---------- ---------- ---------- ----------
Net sales $386.6 $358.9 $737.0 $679.9
Cost of sales 231.2 225.9 459.7 434.8
----- ----- ----- -----
Gross profit 155.4 133.0 277.3 245.1
Gross margin 40.2% 37.1% 37.6% 36.0%
Selling, general
and
administrative
expenses 106.1 99.5 207.4 193.4
----- ----- ----- -----
Operating income
from continuing
operations 49.3 33.5 69.9 51.7
Operating margin 12.8% 9.3% 9.5% 7.6%
Interest and
other (income)
expense, net (1.0) (0.3) (1.1) (0.2)
----- ----- ----- -----
Income from
continuing
operations
before income
taxes 50.3 33.8 71.0 51.9
Provision for
income taxes 13.2 8.7 18.6 13.3
----- ----- ----- -----
Net income from
continuing
operations 37.1 25.1 52.4 38.6
Net income from
discontinued
operations 0.0 0.0 1.3 0.1
----- ----- ----- -----
Net income $ 37.1 $ 25.1 $ 53.7 $ 38.7
===== ===== ===== =====
Net income per
common share
from continuing
operations:
Basic $ 0.96 $ 0.65 $ 1.35 $ 1.00
===== ===== ===== =====
Diluted $ 0.96 $ 0.65 $ 1.35 $ 0.99
===== ===== ===== =====
Net income per
common share
from
discontinued
operations:
Basic $ 0.00 $ 0.00 $ 0.03 $ 0.00
===== ===== ===== =====
Diluted $ 0.00 $ 0.00 $ 0.03 $ 0.00
===== ===== ===== =====
Net income per
common share:
Basic $ 0.96 $ 0.65 $ 1.38 $ 1.00
===== ===== ===== =====
Diluted $ 0.96 $ 0.65 $ 1.38 $ 0.99
===== ===== ===== =====
Weighted average
common and
common
equivalent
shares:
Basic 38.2 38.4 38.2 38.4
===== ===== ===== =====
Diluted 38.2 38.4 38.3 38.4
===== ===== ===== =====
GLOBAL INDUSTRIAL COMPANY
Condensed Consolidated Balance Sheets - Unaudited
(In millions)
June 30, December 31,
---------- --------------
2026 2025
---------- --------------
Current assets:
Cash and cash equivalents $ 86.7 $ 67.5
Accounts receivable, net 186.8 139.6
Inventories 163.6 174.6
Prepaid expenses and other current assets 12.2 14.8
------ ----------
Total current assets 449.3 396.5
------ ----------
Property, plant and equipment, net 17.8 18.5
Operating lease right-of-use assets 88.7 91.8
Goodwill and intangibles 62.7 64.3
Other assets 9.9 9.7
------ ----------
Total assets $ 628.4 $ 580.8
====== ==========
Current liabilities:
Accounts payable and accrued expenses $ 185.9 $ 162.4
Operating lease liabilities 14.4 16.1
------ ----------
Total current liabilities 200.3 178.5
Operating lease liabilities 84.5 87.5
Other liabilities 0.9 1.6
------ ----------
Shareholders' equity 342.7 313.2
------ ----------
Total liabilities and shareholders' equity $ 628.4 $ 580.8
====== ==========
GLOBAL INDUSTRIAL COMPANY
Condensed Consolidated Statements of Cash Flows - Unaudited
(In millions)
Six Months Ended
June 30,
------------------------------
2026 2025
------------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continuing operations $ 52.4 $ 38.6
Adjustments to reconcile net income from
continuing operations to net cash
provided by (used in) operating
activities:
Depreciation and amortization 3.9 3.8
Stock-based compensation 3.1 3.7
Provision for deferred taxes (0.1) (0.3)
Change in working capital (14.5) (11.3)
Other, net 1.2 0.6
--- ------- --- -------
Net cash provided by operating
activities from continuing operations 46.0 35.1
--- ------- --- -------
Net cash provided by operating
activities from discontinued
operations 1.8 0.0
--- ------- --- -------
Net cash provided by operating
activities 47.8 35.1
--- ------- --- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment (1.7) (1.6)
--- ------- --- -------
Acquisition, net of cash acquired 0.0 (4.0)
--- ------- --- -------
Net cash used in investing activities (1.7) (5.6)
--- ------- --- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (21.6) (20.1)
Stock-based compensation share
issuances, net 0.4 1.2
Purchase of treasury shares (5.6) 0.0
--- ------- --- -------
Net cash used in financing activities (26.8) (18.9)
--- ------- --- -------
EFFECT OF EXCHANGE RATE CHANGES ON CASH (0.1) (0.1)
--- ------- --- -------
NET INCREASE IN CASH 19.2 10.5
CASH AND CASH EQUIVALENTS -- BEGINNING OF
PERIOD 67.5 44.6
--- ------- --- -------
CASH AND CASH EQUIVALENTS -- END OF PERIOD $ 86.7 $ 55.1
=== ======= === =======
GLOBAL INDUSTRIAL COMPANY
Reconciliation of GAAP to Non-GAAP Measures - Unaudited
(In millions)
The following tables reconciles GAAP operating results to Non-GAAP operating
results for the quarter ended June 30, 2026.
Non-GAAP
Quarter Ended Adjustment - Quarter Ended
June 30, 2026 IEEPA Tariff June 30, 2026
As Reported Refunds Non-GAAP
------------------ ----------------- ------------------
Net sales $ 386.6 $ 386.6
Cost of sales 231.2 21.1 252.3
--------- --- --------- --------- ---
Gross profit 155.4 (21.1) 134.3
Gross margin 40.2% 34.7%
Selling,
general and
administrative
expenses 106.1 106.1
--------- --- ----------------- --------- ---
Operating
income from
continuing
operations 49.3 (21.1) 28.2
Operating
margin 12.8% 7.3%
Interest and
other (income)
expense, net (1.0) 1.1 0.1
--------- --------- --------- ---
Income from
continuing
operations
before income
taxes 50.3 (22.2) 28.1
Provision for
income taxes 13.2 (5.8) 7.4
--------- --- --------- --------- ---
Net income from
continuing
operations 37.1 (16.4) 20.7
========= === ========= ========= ===
Net income per
common share
from continuing
operations:
Basic $ 0.96 $ (0.42) $ 0.54
========= === ========= ========= ===
Diluted $ 0.96 $ (0.42) $ 0.54
========= === ========= ========= ===
Weighted
average common
and common
equivalent
shares:
Basic 38.2 38.2 38.2
========= === ========= ========= ===
Diluted 38.2 38.2 38.2
========= === ========= ========= ===
GLOBAL INDUSTRIAL COMPANY
Reconciliation of GAAP to Non-GAAP Measures - Unaudited
(In millions)
The following tables reconciles GAAP operating results to Non-GAAP operating
results for the six months ended June 30, 2026.
Six Months Non-GAAP Six Months
Ended June 30, Adjustment - Ended June 30,
2026 IEEPA Tariff 2026
As Reported Refunds Non-GAAP
------------------ ---------------- -------------------
Net sales $ 737.0 $ 737.0
Cost of sales 459.7 21.1 480.8
-------- ---- -------- --------- ----
Gross profit 277.3 (21.1) 256.2
Gross margin 37.6% 34.8%
Selling,
general and
administrative
expenses 207.4 207.4
-------- ---- ---------------- --------- ----
Operating
income from
continuing
operations 69.9 (21.1) 48.8
Operating
margin 9.5% 6.6%
Interest and
other (income)
expense, net (1.1) 1.1 0.0
-------- --- -------- --------- ----
Income from
continuing
operations
before income
taxes 71.0 (22.2) 48.8
Provision for
income taxes 18.6 (5.8) 12.8
-------- ---- -------- --------- ----
Net income from
continuing
operations 52.4 (16.4) 36.0
======== ==== ======== ========= ====
Net income per
common share
from continuing
operations:
Basic $ 1.35 $ (0.42) $ 0.93
======== ==== ======== ========= ====
Diluted $ 1.35 $ (0.42) $ 0.93
======== ==== ======== ========= ====
Weighted
average common
and common
equivalent
shares:
Basic 38.2 38.2 38.2
======== ==== ======== ========= ====
Diluted 38.3 38.3 38.3
======== ==== ======== ========= ====
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804645520/en/
CONTACT: Investor/Media Contacts:
Mike Smargiassi / Collin Dreizen
The Plunkett Group
212-739-6729
mike@theplunkettgroup.com / collin@theplunkettgroup.com
Comments