Hughes Supply Reports Record Third Quarter Results
Orlando, Fla.-based wholesaler Hughes Supply said its net income grew 35% to $45.7 million in the third quarter ended Oct. 31 and it was up by 15% to $118.9 million for the nine months, compared with the same periods last year. The company reported the highest quarterly net sales in the company's history in the third quarter, $1,493.5 million, up 28% from last year's third quarter. Net sales for the nine months were up 23% to $4,066.2 million. Organic sales increased 17% in the quarter and 11% in the nine-month period. Higher prices accounted for about three percentage points of the third quarter organic sales growth, the company said.
“As a result of strong demand across all of our end markets, and higher PVC and copper prices, net sales and earnings for the quarter exceeded our original expectations, with most of our businesses reporting double-digit organic sales growth,” Tom Morgan, president/CEO, said in a statement.