MSC Industrial income rises by nearly 19%
MSC Industrial Direct reported that its net income for fiscal 2012 rose 18.7% to $259.8 million, or $4.10 per diluted share, compared to $218.8 million, or $3.43 per share, in fiscal 2011.
For the 2012 fiscal year, net sales increased 16.5% to $2.36 billion from $2.02 billion in fiscal year 2011.
Net sales for the fourth quarter of fiscal 2012 were $635.3 million, an increase of 19.1% over $533.2 million in the fourth quarter of fiscal 2011.
"Despite an increasingly difficult demand environment, we delivered solid results in the fourth quarter and for the year. I was encouraged by our gross margin performance, cost containment focus and our team's strong execution of the growth initiatives that will position us for the future," said Erik Gershwind, president and chief operating officer.
"While visibility remains limited in an uncertain near-term environment, we are cautiously optimistic about an improved environment in 2013", he added.
The company expects net sales to be between $576 million and $588 million in the first quarter of fiscal 2013.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
