William Blair Sticks to Their Hold Rating for Global Industrial Company (GIC)We expect shares to open down following an EPS miss. EPS came in below due to slight misses across the board; sales missed by 1%, gross margins were 30 basis points below, and SG&A was $2 million heavy. Despite the miss, we are encouraged by steady sales growth, which continued into October. Large accounts continue driving most of the growth. Actions to rationalize low-profit transactional SMB customers will be lapped in the fourth quarter, removing a 2025 headwind. With initiatives moving in GIC’s favor, we see a path to positive volumes in 2026. A pilot putting more focus on aligning sellers by industry and customer could become a bigger part of the story in coming quarters. Price landed up around 5% and is expected to move slightly higher in the fourth quarter. Tariffs coming in faster than expected drove gross margins slightly below.