Global Industrial Co. Files Q3 2024 10-Q

TL;DR

GIC's Q3 2024 10-Q is in. Check financials for wholesale industrial machinery.

AI Summary

Global Industrial Co. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in wholesale industrial machinery and equipment.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Global Industrial Co., crucial for understanding its current market position and future outlook.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the wholesale industrial machinery sector can be sensitive to economic cycles.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 20241030 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Specifies the end date of the company's annual fiscal year.)

Key Players & Entities

• GLOBAL INDUSTRIAL Co (company) — Filer of the 10-Q
• 0000945114 (company) — Central Index Key for GLOBAL INDUSTRIAL Co
• SYSTEMAX INC (company) — Former company name
• GLOBAL DIRECTMAIL CORP (company) — Former company name
• 5166087000 (dollar_amount) — Business phone number

FAQ

Filing Documents

• gic-20240930.htm (10-Q) — 868KB
• ex-101q32024.htm (EX-10.1) — 20KB
• ex-311q32024.htm (EX-31.1) — 10KB
• ex-312q32024.htm (EX-31.2) — 10KB
• ex-321q32024.htm (EX-32.1) — 4KB
• ex-322q32024.htm (EX-32.2) — 3KB
• 0000945114-24-000055.txt ( ) — 4697KB
• gic-20240930.xsd (EX-101.SCH) — 27KB
• gic-20240930_cal.xml (EX-101.CAL) — 76KB
• gic-20240930_def.xml (EX-101.DEF) — 114KB
• gic-20240930_lab.xml (EX-101.LAB) — 456KB
• gic-20240930_pre.xml (EX-101.PRE) — 295KB
• gic-20240930_htm.xml (XML) — 572KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 32

Other Information

Part II Other Information

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34 Item 5. Other Information 34

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 2 Table of Contents Available Information We maintain an internet website at https://investors.globalindustrial.com . We file reports with the Securities and Exchange Commission ("SEC") and make available free of charge on or through this website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, including all amendments to those reports. These are available as soon as is reasonably practicable after they are filed with the SEC. All reports mentioned above are also available on the SEC's website ( www.sec.gov ). Unless otherwise specified, the information on our website is not part of this or any other report we file with, or furnish to, the SEC. Our Board of Directors has adopted the following corporate governance documents with respect to the Company (the "Corporate Governance Documents"), among others: Corporate Ethics Policy for officers, directors and employees Charter for the Audit Committee of the Board of Directors Charter for the Compensation Committee of the Board of Directors Charter for the Nominating/Corporate Governance Committee of the Board of Directors Corporate Governance Guidelines and Principles Conflict Minerals Disclosure In accordance with the corporate governance rules of the New York Stock Exchange, each of the Corporate Governance Documents is available on our Company website, https://investors.globalindustrial.com . 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Global Industrial Company Condensed Consolidated Balance Sheets (In millions) September 30, 2024 December 31, 2023 (Unaudited) ASSETS: Current assets: Cash and cash equivalents $ 38.9 $ 34.4 Accounts receivable, net 140.1 130.7 Inventories 165.3 150.8 Prepaid expenses and other current assets 14.6 13.9 Total current assets 358.9 329.8 Property, plant and equipment, net 19.7 20.0 Operating lease right-of-use assets 75.7 84.4 Deferred income taxes 8.1 7.9 Goodwill and intangible assets 66.5 69.3 Other assets 2.7 2.0 Total assets $ 531.6 $ 513.4 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable $ 113.2 $ 111.0 Accrued expenses and other current liabilities 50.5 49.1 Operating lease liabilities 14.3 14.1 Total current liabilities 178.0 174.2 Operating lease liabilities 72.0 81.4 Other liabilities 2.4 2.6 Total liabilities 252.4 258.2 Commitments and contingencies Shareholders' equity: Preferred stock 0.0 0.0 Common stock 0.4 0.4 Additional paid-in capital 205.8 204.8 Treasury stock ( 16.8 ) ( 18.6 ) Retained earnings 87.5 66.0 Accumulated other comprehensive income 2.3 2.6 Total shareholders' equity 279.2 255.2 Total liabilities and shareholders' equity $ 531.6 $ 513.4 See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents Global Industrial Company Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 342.4 $ 354.6 $ 1,013.6 $ 954.2 Cost of sales 226.1 238.3 663.9 626.6 Gross profit 116.3 116.3 349.7 327.6 Selling, distribution & administrative expenses 94.1 88.1 283.7 252.5 Operating income from continuing operations 22.2 28.2 66.0 75.1 Interest and other expense, net 0.0 0.7 0.3 1.2 Income from continuing operations before income taxes 22.2 27.5 65.7 73.9 Provision for income taxes

View Full Filing

View this 10-Q filing on SEC EDGAR