Global Industrial Company (NYSE:GIC) Q1 2022 Earnings Conference Call May 3, 2022 5:00 PM ET

Company Participants

Mike Smargiassi - The Plunkett Group

Barry Litwin - Chief Executive Officer

Tex Clark - Senior Vice President and Chief Financial Officer

Conference Call Participants

Anthony Lebiedzinski - SIdoti & Company

Operator

Good afternoon, ladies and gentlemen, and welcome to Global Industrial's First Quarter 2022 Earnings Call.

At this time, I would like to turn the conference over to Mike Smargiassi of the Plunkett Group. Please go ahead.

Mike Smargiassi

Thank you. And welcome to the Global Industrial first quarter 2022 earnings call. Leading today's call will be Barry Litwin, Chief Executive Officer; and Tex Clark, Senior Vice President and Chief Financial Officer. Formal remarks will be followed by a question-and-answer session.

Today's discussion may include certain forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the Forward-Looking Statements caption and under Risk Factors in the company's annual report on Form 10-K and quarterly reports on Form 10-Q. The press release is available on the company's website and has been filed with the SEC on a Form 8-K. This call is a property of Global Industrial Company.

I will now turn the call over to Barry Litwin.

Barry Litwin

Thanks, Mike. Good afternoon, everyone. And thank you for joining us. We delivered an exceptional first quarter performance with record revenue and profitability, driven by strong demand and excellent execution across the business. Revenue of $288 million was a quarterly record and improved nearly 15% over the prior year. For the third consecutive quarter, we delivered record gross margin, which reached 37.4% in the quarter. And we generated over $29 million in operating income as operating margin surpassed 10%.

Looking at our results on a 12 month basis, we achieved double-digit operating margin for the first time. I'm very pleased with how we have started 2022. It was truly a terrific quarter for Global Industrial and reflects the continued implementation of the ACE strategy; and most importantly, the commitment and efforts of our associates who made it happen.

Our focus on the customer continues to guide everything we do. We are making further investments that will position us to expand market share and capitalize on our growth opportunities. From sales and marketing to digital technology, procurement and distribution, we are enhancing the service we provide and elevating the customer experience.