Posted March 31, 2022

MSC's 2Q sales up 11.4 percent

MSC Industrial Supply reported net sales of $862.5 million for its fiscal 2022 second quarter, an increase of 11.4 percent from $774 million in the same period last year.

MSC Industrial SupplyAverage daily sales increased 7.9 percent compared to the prior fiscal year quarter.

Net income of $69.9 million, or $1.25 per diluted share, compared to net income of $18.1 million, or 32 cents, in the same period last year.

"I am excited by the growing momentum inside the company to accelerate market share capture and improve profitability. We achieved double-digit top-line growth despite Covid-related disruptions during the first two weeks of January," said Erik Gershwind, president and chief executive officer. "Our growth initiatives are in high gear and the productivity improvements we deliver to our customers are resonating."

Kristen Actis-Grande, executive vice president and chief financial officer, said strong top line growth combined with gross margin execution and cost savings resulted in 11.6 percent adjusted operating margin and 22.4 percent adjusted incremental margin over the prior year fiscal second quarter.

"With the building momentum, we are adding a low double-digit growth tier to our fiscal 2022 annual adjusted operating margin framework with a corresponding annual adjusted operating margin between 12.5 percent and 13.1 percent. Should recent trends continue, we expect to be in that range," she said.