2022年5月分销市场更新

Distribution Market UpdateQ 1 2 0 2 2 Sector Market UpdateD E S P I T E G R OW I N G N E A R T E R M U N C E R T A I N T Y, L O N G T E R M O U T L O O K R E M A I N S FAV O R A B L E , W I T H D E M A N D S P U R R E D B Y O N S H O R I N G A N D C O N S T R U C T I O N N E E D S Public Distributors BuildingProductsDistributors Public Distributors (Cont’d) Public Distributors (Cont’d) Inflation Industry Quotes Summary Inflation Sentiment •Expectation for an extended elevated commodity costs environment led by oil and gas through the rest of the year•Supply chain pricing pressures are expected to partly ease, offset by wage growth driven by competition for laborand “real income” erosion given inflation of staple consumer products “Looking forward, we expect inflation to persist at least into the third or fourth quarter of this year… we expect that SG&A costs willrise through this year as we provide competitive wages and benefits to our employees and increase our staffing to support anticipatedgrowth”Robert Saltiel, President & CEO – MRC Global “Every customer right now understands when you come to them and talk about the need for a price increase. Everyone gets it.However, our customers are getting squeezed. And the cry for help is greater now than ever for saying, ‘Look, if you're going to comein with a price increase, help me offset it.’ Our technical experts are now spending their time now inside of the plants of our customersfiguring out how to offset the pricing”Erik Gershwind, President & CEO – MSC Industrial Direct “…the pricing on some products and services comes down to supply and demand balance. And I think as we look at several of thecategories that we're in today, things remain very tensioned in terms of supply and demand and essentially under allocation. So, therewould need to be a reasonable adjustment on demand or increase in supply for that equation to change. I think there is still great desireto purchase product… so we don’t see any kind of hesitancy at least short-term on any of those items.”Nathan R. Jorgensen, CEO & Director – Boise Cascade Company “We are closely monitoring the impact of higher mortgage rates, broad-based inflation and ongoing volatility in wood-basedcommodities. Even with these headwinds, we currently believe fundamentals for the U.S. housing industry remain healthy, underpinnedby low levels of unemployment, strong demand for new homes and record levels of home equity, which is contributing to strong repairand remodel activity”Dwight Gibson, CEO & Director – BlueLinx Holdings Recession Industry Quotes Summary Recession Sentiment •Despite growing expectations for a recession, a meaningful slowdown has yet to be observed•Concerns are increasing given uncertainty, especially in Europe is high•However, looking past near-term turmoil - fundamentals remain strong for both capital investment and demand “The short answer is, we generally perform well in downturns. We look at share gain during downturns, and it's usually been very good.Part of that is because we are steadfast in maintaining service to customers in downturns, and that allows us to serve customers betterthan many others can. And we generally still generate a whole bunch of cash during downturns and still perform well”Donald Macpherson, Chairman & CEO – W.W. Grainger “…the world is a very uncertain place at the moment. And so, we're trying to be conservative. We don't anticipate a recession in theU.S. We may see some slowdown in Europe. That looks very likely. So, we're trying to build that into our thinking as well.”David Jukes, President & CEO – Univar Solutions “We haven't seen anything yet… my gut tells me at some point, people are going to start picking through pieces instead of, you know,call it the $25 ring for a box. But we have not seen anything change yet. We just want to be able to be there in all of our locations sothat the consumer can get what they want… but we haven't seen anything change yet.”Robert Kraft, CFO & Treasurer – Hillman Solutions “I think reshoring continues... I think it's reflected in the manufacturing capacity utilization for us. That will be very positive, especiallyas some of those local accounts will continue to invest and grow. So I know there's concerns everyone would want to look, is it peakinghere? Or are there concerns there? Our view is it is a constructive, productive environment. And that's what we're planning andexecuting for. If the environment changes, we know how to execute as we did before in cycles... but it is not what we anticipate rightnow.”Neil Schrimsher, President, CEO, & Director – Applied Industrial Technologies Supply Chain Industry Quotes Summary Supply Chain Sentiment •Reshoring activity has been increasing to provide enhanced insight into lead times while bolstering demand in the long-termand mitigating shortages•Diversification of supplier base has helped with alleviation•Supply chain remains a challenge particularly with the rece