MSC reports 12.4% sales gain
MSC Industrial Direct Co. reported Q2 fiscal 2010 net sales rose 12.4% to $395.5 million, compared with $351.9 million in the prior year period.
Net income increased 16.6% to $30.6 million, or 48 cents per share, compared to $26.3 million, or 42 cents per share, in the second quarter of fiscal 2009.
Net sales for the first half of fiscal 2010 were $780.3 million compared with $784.9 million in the first half of fiscal 2009. Net income for the six-month period was $62.1 million, or 98 cents per share, compared with $71.4 million, or $1.14 per share, in the prior year period.
"The fiscal second quarter reflected solid performance against a backdrop of improving market conditions," said David Sandler, president and CEO. "Driven by excellent execution, we generated sales and profitability performance that met or exceeded our expectations as we continued to take market share and make steady progress on our strategic investment programs. Importantly, while our overall growth was largely driven by the performance of our large account program, we were also encouraged by the improvements we saw from our traditional customer base in the quarter."
Sandler added that while the economic recovery is still in its early stages, "sales momentum is real and sustainable going forward, particularly in light of performance to date in the fiscal third quarter. In this environment, we will remain focused on outstanding execution and capitalizing on the opportunities we see in the marketplace."
For the fiscal 2010 third quarter, MSC expects net sales to be between $436.0 million and $448.0 million.
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.
