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.
On 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.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
