Posted May 6, 2011
Interline Brands sales up 21.3%
Interline Brands reported sales for the first quarter were $297.4 million, a 21.3% increase compared to sales of $245.2 million in the comparable 2010 period.
Interline's facilities maintenance end-market, which comprised 75% of sales, increased 26.4% during the first quarter. The professional contractor end-market, which comprised 14% of sales, increased 9.1% for the quarter. The specialty distributor end-market, which comprised 11% of sales, increased 6.3% for the quarter.
"Our first quarter results reflect broad-based improvement, and we are encouraged to report organic growth in all of our end-markets. As the market environment continues to improve, we are focused on the execution of key initiatives that will enable us to generate long-term shareholder value," said Michael Grebe, chairman and CEO.
"Overall trends remain positive in our end-markets, and we have witnessed a meaningful change in the confidence levels of our customers. We continue to leverage our recent acquisitions in the jan-san space to drive cross-selling opportunities and expand into underpenetrated geographies," he said.
First quarter 2011 operating income of $17.1 million, or 5.8% of sales, increased 29.9% compared to $13.2 million, or 5.4% of sales, in the first quarter of 2010.
Earnings per diluted share for the first quarter of 2011 were 20 cents, an increase of 18% compared to earnings per diluted share of 17 cents for the first quarter of 2010.
