HD Supply sales up 9 percent
HD Supply Holdings reported net sales for the second quarter of fiscal 2014 of $2.4 billion, an increase of 9 percent compared to the second quarter of fiscal 2013.
“I am very pleased with our execution in the second quarter,” said Joe DeAngelo, CEO of HD Supply. “We delivered strong organic sales and earnings growth and remain cautiously optimistic about what seems to be improving end markets."
Net income increased to $48 million, or 24 cetns, for the quarter, compared to a net loss of $72 million, or 47 cents, in the second quarter of fiscal 2013. The improvement was attributed to higher operating income and lower interest expense. In addition, the second quarter of fiscal 2013 included a loss on extinguishment of debt.
In the Facilities Maintenance segment, net sales increased 8 percent to $686 million. Adjusted EBITDA increased 11 percent to $139 million.
Waterworks net sales increased 11 percent to $665 million. Adjusted EBITDA increased 14 percent to $57 million.
Power Solutions net sales increased 7 percent to $488 million in the second quarter. Adjusted EBITDA increased 17 percent to $21 million.
For the Construction & Industrial - White Cap group, net sales increased 16 percent to $389 million in the second quarter. Adjusted EBITDA increased 38 percent to $33 million.
Net sales for the first half of fiscal 2014 increased 8 percent to $4.6 billion, compared to $4.3 billion the first half of fiscal 2013.
Net income for the first half of fiscal 2014 increased $239 million to $36 million, or 18 cents per share, compared to a net loss of $203 million, or $1.43, for the first half of fiscal 2013.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
