MSC sales rise 22.2%
MSC Industrial Direct said its fiscal second quarter 2011 net sales rose 22.2% to $483.4 million, compared with $395.5 million in the prior year period.
Net income was $49.7 million, or 78 cents per share, an increase of 62.1% over $30.6 million, or 48 cents per share, in the second quarter of fiscal 2010.
During the quarter, the company completed the integration of its previously announced acquisition of Rutland Tool & Supply Co. Results for the quarter included $6.6 million in sales from Rutland. Excluding acquisition and integration costs, Rutland broke even for the period.
Net sales for the first half of fiscal 2011 were $956.2 million, compared with $780.3 million in the first half of fiscal 2010.
"We achieved strong results in the quarter led by significant growth within our core customer base. Our strong gross margin of 46.8% is primarily a function of improved rebates, excellent realization of the pricing adjustment we made around the holidays, and the growth in our core business," said Erik Gershwind, executive vice president and chief operating officer.
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.
