31 annotations
o
(No comment added)
Transcript
2023 Q4
12 Apr 24
our manufacturing end market continues to grow
(No comment added)
Transcript
2023 Q4
12 Apr 24
ur fastener product line experienced contraction in MRO and, for the first time this cycle, OEM products
(No comment added)
Transcript
2023 Q4
12 Apr 24
Inventories were down 10.3%, owing primarily to the effects of slower customer demand
(No comment added)
Transcript
2023 Q4
12 Apr 24
our sales results continue to reflect sluggish demand
(No comment added)
Transcript
2023 Q4
12 Apr 24
Speaking of Onsites, we did sign 93 in the quarter.
So our active sites are 1,778, 13.5% greater than they were at the end of third quarter of 2022. In our daily sales in those Onsites, excluding transferred business when you open an Onsite, is in the low double-digit rates.
So we're seeing good growth there, we're just not signing enough. And as I said, we still anticipate signing roughly 350 this year.
onsite expansion
Transcript
2023 Q3
13 Oct 23
The perspective you need to have, though, is we continue to see our OEM fasteners grow as a proportion of the mix because they tend to benefit from the growth in our Onsite.
So today, a lot of our growth is coming through Onsites, and therefore, a lot of those innings, those new implementations also bring in OEM fasteners.
oem doing well because of onsite
Transcript
2023 Q3
13 Oct 23
The perspective you need to have, though, is we continue to see our OEM fasteners grow as a proportion of the mix because they tend to benefit from the growth in our Onsite.
So today, a lot of our growth is coming through Onsites, and therefore, a lot of those innings, those new implementations also bring in OEM fasteners.
oem doing well because of onsite
Transcript
2023 Q3
13 Oct 23
I think aerospace is doing fairly well. I'm not getting a lot of feedback that anything else is really inflecting more favorably. I'm getting the feedback that everything else remains fairly tepid. And that generally speaking, managers across our business are fairly cautious on where the market is today.
aerospace doing fairly well -- everything else repid
Transcript
2023 Q3
13 Oct 23
We continue to experience stagnant demand, a cyclical shift favoring non-fasteners and a secular shift favoring larger manufacturing-oriented customers. Growth driver performance is not quite where we would like it to be, but it's at levels that continue to support good growth in our installed base, success in providing differentiated value to our customers and further cost and asset efficiency.
stagnaht demand
Transcript
2023 Q3
13 Oct 23
From a product standpoint, fasteners are relatively weak at down 2% due to their more cyclical profile and rapid pricing moderation.
fasteners relatively weak
Transcript
2023 Q3
13 Oct 23
We are certainly encouraged by the improvement in our September daily sales rate to up 5%.
However, it seems to have more to do with easing comparisons in certain parts of our business than a clear signal of firming customer demand or brightening outlooks.
more easing of comparisons
Transcript
2023 Q3
13 Oct 23
nd that was really stepping into what we saw as an untapped opportunity to grow our business faster, and that was to expand our Onsite presence.
It was earlier this year that, for the first time, the number of Onsites in the organization outnumbered the number of branches in the organization, and that delta continues to expand. And we believe that each of our district managers has the potential in their market to land 2 Onsites per year. And it's our job, and part of the purpose of the restructuring of the sales team, was to really decide, hey, we believe it, but we haven't done it.
Let's do this thing.
We expanded. Not too many years ago, we were signing 80 Onsites a year and we laid out the plan to get to 400 a year.
We expect -- as you see on the next page, w
onsite expansion
Transcript
2023 Q3
13 Oct 23
Our fastener daily sales, as you've seen in our monthly sales release, have decelerated at a faster rate than our non-fastener business as we've gone through the calendar year.
fastenr vs non fastener sakles
Transcript
2023 Q3
13 Oct 23
Fasteners still constitute about 1/3 of our sales, and within that subcategory, about 63% is an OEM-oriented fastener. And that business can be very cyclical because of the production needs of each of the customers we're serving.
If you look at the rest of the business, it tends to be much more MRO-oriented.
fastener share
Transcript
2023 Q3
13 Oct 23
I guess I'll just reinforce, we have very little visibility to what the market is going to hold.
Here's what I'll say. I've always respected the PMI as an indicator of future activity levels. I tend to think it has a forward look of 3 to 5 months.
I think we all know that the PMI in June hit 46 which is not a meaningful new low but a new low nonetheless. And I think the message that we gave to our people internally was that, that would seem to suggest that the back half of this year is going to remain soft.
So I don't have an indicator internally that would give you any real insight into what's going to happen in August, September, October. But the PMI has always been a good indicator and the PMI remains relatively low and suggesting the back half is going to be weak and that's what we sort of take our cues off of.
pmi discussion
Transcript
2023 Q2
22 Sep 23
Softer manufacturing activity led our data sales growth to decelerate. We grew 5.9% in the second quarter. We did not leverage. That's an important element of our business.
Our sales grew 5.9% but as we're cycling through some mix changes and Holden, touch on a little more detail.
soft manu
Transcript
2023 Q2
22 Sep 23
trend roughly 10 days below the pre-pandemic level despite the challenges in the last 15 months
(No comment added)
Transcript
2022 Q3
19 Oct 22
an improving supply chain and moderating inflation impact contributed to a sequential improvement in our days on hand from 161 days in the second quarter of 2022 to 157 days in the third quarter of 2022
(No comment added)
Transcript
2022 Q3
19 Oct 22
while price/cost may remain negative for a couple of quarters, the magnitude is likely to moderate going forward.
(No comment added)
Transcript
2022 Q3
19 Oct 22