MSC 4Q sales up 11.1 percent
MSC Industrial Supply reported that its fourth quarter sales of $831 million increased by 11.1 percent from $747.7 million in the same quarter last year.
Net income of $65.9 million for the quarter, or $1.18 per diluted share, was up from $52.5 million, or 94 cents, in the fourth quarter of 2020.
For the full year, net sales of $3.24 billion was up by 1.6 percent from $3.19 billion in 2020.
Net income for the year of $216.9 million, or $3.89 per share, declined from $251.1 million, or $4.51, in the previous year.
“I am pleased with the progress against our long range targets," said Erik Gershwind, president and chief executive officer. "Our rate of market share capture continues to build. Our fiscal fourth quarter average daily sales growth rate of 12.9 percent was approximately 500 basis points above the Industrial Production Index. Fueled by the execution of our five growth drivers, our non-safety and non-janitorial product lines grew 20 percent during our fiscal fourth quarter.”
Kristen Actis-Grande, executive vice president and chief financial officer, added, "In addition to revenue growth, I am encouraged by several aspects of our fiscal fourth quarter performance. We responded to a robust inflationary environment with pricing actions that enabled us to largely offset the seasonal headwinds in gross margins. As a result, our gross margin was up 40 basis points over the prior fiscal year. In addition, strong execution of our Mission Critical initiatives resulted in additional savings of $11 million and investments of $8 million."
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.
