4/9/2014 11:19:00 AM
NEWS BRIEFS
Barnes Distribution Adds to MSC Industrial Direct’s Bottom Line

MSC Industrial Direct Co. reported sales, including fasteners, for its fiscal second quarter ended March 1, 2014, increased 16.2% to $661.5 million. The acquired Barnes Distribution North America (“BDNA”) business contributed $69.8 million to quarterly sales.

Adjusted operating income for the fiscal second quarter 2014 was $89.8 million, or 13.6% of net sales, compared to $92.3 million, or 16.2% of net sales in the same quarter a year ago. 

Q2 adjusted net income was $54.5 million, or $0.87 per diluted share (based on 62.1 million diluted shares outstanding), compared to $57.2 million, or $0.90 per diluted share, in the same quarter a year ago (based on 63.0 million diluted shares outstanding). The BDNA operations contributed approximately $0.04 to the fiscal second quarter 2014 EPS. 

GAAP net income for the fiscal second quarter 2014 was $49.5 million, or $0.79 per diluted share, compared to $56.1 million, or $0.88 per diluted share, in the same quarter a year ago.

“The manufacturing environment continues to show improvement,” stated CEO Erik Gershwind. “Despite the impact of weather disruptions, we continued to gain share in our core metalworking market and saw accelerated growth rates in our national account and government programs.”

MSC expects net sales for fiscal third quarter 2014 to be between $720 million and $732 million. 

MSC completed its $550 million acquisition of BDNA on April 22, 2013, and is currently integrating 5 of the 9 BDNA locations – including BDNA’s Cleveland headquarters – into MSC operations. ©2014 GlobalFastenerNews.com

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Related Links:

• MSC Industrial Direct