MSC reports 0.8% dip YoY for fiscal third quarter
MSC Industrial Supply Co. reported fiscal Q3 net sales of $971.1 million, a decrease of 0.8% YoY.
CEO Erik Gershwind said, "We delivered fiscal third quarter results that were in line with our expectations for both average daily sales and operating margins. While we certainly have plenty of room for improvement, we saw early signs of progress in each of our three critical strategic areas of focus — reenergizing the core customer, maintaining momentum in high-touch solutions, and optimizing our cost to serve."
Executive Vice President and CFO Kristen Actis-Grande added, "Average daily sales declined 0.8% year-over-year, slightly ahead of the midpoint of our outlook, driven by benefits from price and improving performance in volumes. During the fiscal third quarter, we leveraged our strong free cash flow performance and balance sheet to return approximately $56 million to shareholders in the form of dividends and share repurchases, resulting in approximately $181 million returned to shareholders fiscal year-to-date."
"The fiscal third quarter included encouraging data points, such as core customer sequential improvement, continued momentum in our high-touch solutions, and a building productivity pipeline," Gershwind said. "Looking longer term, we remain steadfast in our commitment to restoring performance consistent with our long-term objectives of growing to 400 basis points or more above the IP Index and expanding operating margins to the mid-teens."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about the ISA's Veterans Empowerment Network. 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.
