MSC's sales climb 3.8 percent
MSC Industrial Supply posted net sales of $866.3 million for the third quarter, a 3.8 percent increase from $835 million in last year's third quarter.
Sales increased 2.2 percent on an average daily sales basis.
Net income of $94.4 million, or $1.68 per diluted share, improved from $77.7 million, or $1.40, in the same period last year.
“The economic environment improved significantly and most of our manufacturing end markets turned positive during our fiscal third quarter. Total company sales returned to growth and, while muted by PPE-related comparisons, our non-safety and non-janitorial product lines grew 21 percent. Executionon our Mission Critical initiatives continued at a high level and we have lifted our expectations both in terms of gross and net savings for fiscal 2021," said Erik Gershwind, president and chief executive officer.
Kristen Actis-Grande, executive vice president and chief financial officer, added that MSC delivered $12 million of gross savings to its Mission Critical customers, bringing cumulative savings for fiscal 2021 to $29 million. "We also reinvested approximately $7 million into growth programs, bringing our cumulative investment for fiscal 2021 to roughly $15 million. In total, we now expect to drive gross savings of $40 million and to invest roughly $25 million in fiscal 2021, such that we will achieve net savings above our original goal of $10 million for the year.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
