Posted June 29, 2022

MSC's 3Q sales up 10.7 percent

MSC Industrial Supply reported net sales of $958.6 million for its fiscal 2022 third quarter, an increase of 10.7 percent from $866.3 million in the prior fiscal year quarter.

Net income of $99.7 million, or $1.78 per diluted share, improved from $94.9 million, or $1.68, in the same period last year.

"Our fiscal third quarter is another proof point of the building momentum inside of our company," said Erik Gershwind, president and chief executive officer. "We achieved double-digit average daily sales growth, roughly 500 basis points above the Industrial Production index. We grew gross margins sequentially and year over year thanks to strong price realization in an inflationary environment. Finally, and most notably, we translated top line growth into significant operating leverage and adjusted operating margin expansion."

Kristen Actis-Grande, executive vice president and chief financial officer, added, "Double-digit sales growth, gross margin execution and productivity all combined to expand adjusted operating margin by 200 basis in the fiscal third quarter with an adjusted incremental margin in the thirties. Looking to the fiscal fourth quarter, we expect double-digit average daily sales growth to continue and to finish the year in the top scenario of our fiscal 2022 annual framework."