Global Industrial Q3 sales rise 10% on industrial, retail customers 

Overview

• Industrial equipment distributor's Q3 sales rose 10% yr/yr, slightly missing analyst expectations

• Diluted EPS from continuing operations increased 33% yr/yr

• Company declared $0.28 dividend and $1.00 special dividend

Outlook

• Company did not provide specific financial guidance for upcoming quarters or full year

Result Drivers

• TARIFF REFUNDS - Co said gross margin and operating income benefited from tariff refunds in the qtr

• INDUSTRIAL AND RETAIL VERTICALS - Co said sales growth was driven by industrial and retail customer verticals and strategic accounts

• GO-TO-MARKET STRATEGY - Co said execution of go-to-market strategy helped strengthen customer relationships and win larger opportunities

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• 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 Company is $40.50, about 8% below its November 2 closing price of $44.03

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 17 three months ago

Reuters Recommended Reads

• Nov 2 - Tennant Q3 sales rise 6.2% on higher volumes

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• Nov 3 - Zebra Technologies Q3 revenue beats on strong demand across segments

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)