MSC Industrial sales climb 17.5 percent
MSC Industrial Direct said its net sales for the first quarter of fiscal 2014 were $678.5 million, an increase of 17.5% over the same period last year.
The recently acquired Barnes Distribution North America business contributed approximately $72.4 million to net sales in the fiscal 2014 first quarter.
Net income was $59.04 million, or 93 cents per share, compared to $63.1 million, or $1 per share, in last year's fiscal first quarter.
Excluding non-recurring costs of $5.8 million associated with the BDNA acquisition and the co-location of the company's headquarters, adjusted operating income for the fiscal 2014 first quarter was $102.5 million, or 99 cents per share, compared to $103.7 million, or $1.01 per share, in the same quarter a year ago.
"The manufacturing environment stabilized and began to show potential signs of improvement during the first fiscal quarter of 2014. Combined with strong execution of our share gain initiatives and the early stages of our BDNA growth plan, a healthier environment contributed to solid performance in the quarter and gives us even greater confidence going forward," said Erik Gershwind, president and chief executive officer.
Jeff Kaczka, executive vice president and chief financial officer, added that the company expects the fiscal second quarter to be the low point for fiscal 2014. MSC expects net sales for the fiscal second quarter to be between $660 million and $672 million, and earnings per share between 83 cents and 87 cents.
"We remain on track to achieve an annual adjusted operating margin consistent with our fiscal 2014 operating framework assuming a continuing low to moderate sales growth environment," he said.
Gershwind concluded, "We are on pace with our 2014 plan and we are executing on the infrastructure initiatives that will support our next run of growth. We are also executing on share gain programs that will fuel growth, particularly as manufacturing recovers."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
