MSC sales rise slightly
MSC Industrial Direct said its net sales for the second quarter of fiscal 2013 increased 1.2% to $569.5 million.
Net income for the period was $56.1 million, or 88 cents per share, compared to $60.1 million, or 95 cents, in the same quarter last year.
Income was impacted by non-recurring costs associated with the acquisition of Barnes Distribution North America and co-location of the company’s headquarters in Davidson, N.C..
Net sales for the first half of fiscal 2013 were $1.14 billion, compared with $1.10 billion in the first half of fiscal 2012.
“While demand from heavy industrial end markets and specifically the metalworking-related sectors has yet to rebound and continued at low levels, we remain pleased with the execution of our plan. Our focus on strategic growth initiatives like vending and e-commerce, including our newly launched mscdirect.com, continues to fuel share gain in our core market,” said Erik Gershwind, president and chief executive officer.
During the first six months of its fiscal year, MSC reduced inventories by $29 million. "These steps will position us well and allow us to significantly leverage the eventual recovery in demand,” said Jeff Kaczka, executive vice president and chief financial officer.
Based on a continuation of current market conditions, for the fiscal 2013 third quarter the company expects net sales to be between $597 million and $609 million reflecting flat average daily sales growth at the midpoint.
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.
