Strong Revenue Growth
Second quarter sales reached $502 million, marking a 14.3% increase compared to the same quarter last year. Organic daily sales grew by 3.3% for the quarter.
EBITDA Margin Improvement
The consolidated adjusted EBITDA margin rose to 9.7% in the second quarter, improving from 9% in the first quarter.
Cash Flow and Debt Management
The company realized $33 million in cash flow from operations and ended the quarter with no outstanding borrowings under the revolving credit facility.
Gexpro Services Performance
Gexpro Services reported second quarter revenue of $127.8 million, up 18.2% from the previous year, with an EBITDA margin increase to 13.4%.
Leadership and Strategic Initiatives
Introduction of Barry Litwin as the new CEO for TestEquity Group, expected to drive significant value creation.