MSC Industrial sales up 15%
MSC Industrial Direct reported net sales rose 15.0% to $612.0 million, compared with $532.4 million in the prior year period.
For the third quarter of fiscal 2012, the company reported net income of $70.2 million, an increase of 13.1% over $62.1 million in the third quarter of fiscal 2011. Diluted earnings per share were $1.10, compared to 97 cents in the same period a year ago, an increase of 13.4%.
For the first nine months of fiscal 2012, net sales increased 15.6% to $1.72 billion from $1.49 billion in the first nine months of fiscal 2011.
"I'm very pleased with our performance this quarter. In an environment that has seen some recent leveling in growth rates, we continued to invest in our future and gained further traction with our strategic initiatives, while delivering solid earnings,"said David Sandler, chief executive officer.
Erik Gershwind, president and chief operating officer, added, "It's clear to us that the trend of consolidating spend within our industry is speeding up as customers are recognizing the value of differentiated supply chain solutions, such as our vending and e-Commerce platforms, that will reduce their costs, save time, and increase productivity."
He added that initatives such as the plan to co-locate MSC headquarters between its existing facility in Melville, N.Y. and a new facility to be built in Davidson, N.C., will set the stage for long-term growth.
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.
