Posted October 20, 2022

MSC's 4Q sales up 23 percent

MSC Industrial Supply said its net sales of $1.0 billion in the fiscal fourth quarter increased 23% compared to $831 million in the same period last year.

MSCOn an average daily sales basis, sales grew by 14.0% year over year.

Net income of $104.1 million, or $1.86 per diluted share, compared to net income of $65.9 million, or $1.18, in last year's fourth quarter.

For the full year, net sales of $3.7 billion grew by 13.8% from $3.2 billion in 2021. Net income of $339.8 million, or $6.06 per diluted share, improved from $216.9 million, or $3.87 per share in fiscal 2021.

"We ended fiscal 2022 on a strong note as we executed across our growth initiatives and delivered another quarter of double-digit average daily sales growth. This continued momentum translated into average daily sales growth of 14% for our fiscal fourth quarter, well above our goal of exceeding the IP index by 400 basis points," said Erik Gershwind, president and chief executive officer.

Kristen Actis-Grande, executive vice president and chief financial officer, added, "In addition to revenue growth, I am encouraged by the profitability of our business in what has been a complex operating environment. We delivered 140 basis points of adjusted operating margin improvement in fiscal 2022, resulting in an adjusted incremental margin of over 23%.

She said the strong performance was largely driven by productivity improvements through MSC's Mission Critical program, which is on track to exceed the company's goal of $100 million in savings by the end of fiscal 2023.