Posted July 12, 2017

MSC sales grow by 2.3 percent

MSC Industrial Supply reported quarterly net sales of $743.9 million, an increase of 2.3 percent from $727.5 million in the same quarter last year.

Net income of $62.8 million, or $1.09 per diluted share, compared to $64.1 million, or $1.05, in the same period last year.

"The environment improved through the quarter as the manufacturing economy continued to firm with improving sales growth across all of our customer types, with particular strength in national accounts. This momentum sustained into June, the first month of our fiscal fourth quarter. Customer feedback was consistent with a trend of steady and moderate improvement," said Erik Gershwind, president and chief executive officer.

Rustom Jilla, executive vice president and chief financial officer, added, "Our fiscal third quarter average daily sales increased by 3.8 percent, slightly above the midpoint of our guidance. Most of this growth came from customer types and products with lower gross margins and, hence, our gross profit was slightly below our expectations. However, offsetting this was our continued focus on expense control, resulting in operating margins 20 basis points ahead of the midpoint of our guidance and earnings per share at the high end."