4/3/2009
NEWS BRIEFS
MSC Surprises Market with Q2 Results
Topping market estimates, MSC Industrial Direct Co. reported sales of $351.9 million during the second quarter of fiscal 2009. Net income dropped 45% to $26.3 million, while operating expenses declined 3% to $120.6 million for the quarter. MSC doubled its cash reserves to about $138 million.
At present the company has suspended its 401(k) matching contribution and cut executive incentives.
For the upcoming quarter, MSC forecasts sales of $339 million to $351 million.
Founded in 1941, MSC Industrial distributes 590,000 metalworking and MRO supplies – including fasteners and hardware – from 3,000 suppliers to 371,000 customers. Mellville, NY-based MSC has 97 branch sales offices and 912 sales people.
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