MSC sales up 2.4 percent
MSC Industrial Supply reported net sales of $745.1 million for the fiscal fourth quarter increased 2.4% year-over-year from $727.4 million in the same quarter last year.
Net income of $61.8 million, or $1.02 per share, compared to net income of $59 million, or 96 cents, in the same period last year.
"Conditions remained very difficult throughout the fourth quarter, much as they have for the past few quarters. Low oil prices and the strong U.S. dollar continued to depress demand, particularly in metalworking and heavy manufacturing. Despite these headwinds, our execution remains strong, including continued share gains, sustained gross margin stabilization and strong expense controls," said Erik Gershwind, president and chief executive officer.
For the full year, net sales of $2.86 billion decreased 1.6% over the prior year's sales of $2.91 billion. Net income of $231.2 million, or $3.77 per share, compared to net income of $231.3 million, or $3.74, for 2015.
Based on current market conditions, the company expects net sales for the first quarter of fiscal 2017 to be between $676 million and $688 million. At the midpoint, average daily sales are expected to decline roughly 3.5%, as compared to last year's first quarter.