HD Supply Q3 profits surge
Facility maintenance sales on rise as HD Supply looks to split into two stand-alone companies.
HD Supply Holdings, Inc. reported third quarter 2019 net sales of $1.64 billion, a 2% increase compared to net sales of $1.61 billion for the third quarter of 2018.
The Atlanta, Ga.-based industrial distribution giant also posted a net income of $132 million for the third quarter, rising 61% from a net income of $82 million for the same period a year ago.
Facility maintenance sales increased 2% to $826 million in the third quarter compared to $810 million for the third quarter of last year.
Construction and industrial sales increased 1.9% to $818 million for the period from sales of $803 million in the corresponding quarter a year ago.
Looking forward, plans are underway to split HD Supply Holdings into two separate companies.
The bottom line: Sales rise while profits surge 61% for the distribution kingpin.
What the CEO said: “Our associates remain committed to delivering best–in-class service, despite a continued challenging environment and the ongoing activities of splitting the company into two market-leading, stand-alone businesses,” stated Joe DeAngelo, chairman and CEO of HD Supply. “We remain focused on helping our customers succeed, and I am encouraged by our continued growth and strong cash flow generation.”
Company info: HD Supply’s full third quarter 2019 report can be accessed here.
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