MSC's 3Q sales down 3.6 percent
Net sales fell by 3.6 percent to $835 million in MSC Industrial Supply's fiscal third quarter, compared to $866.5 million in the same period last year.
Net income of $77.7 million, or $1.40 per diluted share, declined from $79.6 million, or $1.44, in last year's third quarter.
“Our company rose to the occasion in the face of the most severe crisis most of us have seen in our lifetimes," said Erik Gershwind, president and chief executive officer. "Weakness in industrial demand was pretty much across the board, with sustained and acute softness in metalworking-centric end markets such as automotive, aerospace, and oil and gas. Our own results for the quarter benefitted from the surge in demand for safety and janitorial products, but this was more than offset by the COVID-19 impacts on the rest of the business."
He said the surge in demand for safety and janitorial supplies subsided in June, while customer re-openings only provided a modest improvement in underlying sales levels.
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.
