Overview

• U.S. industrial equipment distributor's Q1 sales rose 9.2% year-over-year

• Net income per diluted share from continuing operations increased 11.4% year-over-year

• Growth driven by price and volume gains, with strong performance in Canada and strategic accounts

Outlook

• Company did not provide specific guidance for the current qtr or full yr in its press release

Result Drivers

• PRICE AND VOLUME GAINS - Co said Q1 revenue growth was supported by both price increases and higher sales volumes

• STRATEGIC ACCOUNTS - Performance was led by our largest and most strategic accounts, per CEO Anesa Chaibi

• CANADA GROWTH - Canada delivered its third consecutive quarter of double-digit top-line growth, per CEO Anesa Chaibi

Company press release: ID:nACSpqtR6a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$350.40 mln	$344.13 mln (2 Analysts)
Q1 Gross Margin		34.80%
Q1 Gross Profit		$121.90 mln
Q1 Operating Income		$20.60 mln
Q1 Operating Margin		5.90%

Analyst Coverage

• The one available analyst rating on the shares is "hold"

• The average consensus recommendation for the diversified industrial goods wholesale peer group is "buy."

• Wall Street's median 12-month price target for Global Industrial Co is $40.00, about 21.5% above its May 4 closing price of $32.93

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago

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