7/8/2010
NEWS BRIEFS
MSC Earnings Rise Amid “Cautious Restocking”
MSC Industrial Direct reported net sales rose 28.5% to $450.4 million for its fiscal 2010 third quarter ended May 29, 2010.
Q3 operating income increased 55.6% to $70.4 million, or 15.6% of net sales, while net income jumped 59.4% to $44.2 million.
“Customer inventory levels of MRO products have increased over last quarter but remain well below historical levels,” stated COO Erik Gershwind. “We are seeing what we describe as cautious restocking among our customers, with an overall level of caution and a desire to run lean and preserve cash.”
Nine-month sales grew 8% to $1.23 billion, with operating income gaining 5% to $171.3 million and net income increasing
MSC estimates final quarter sales of $446 million to $458 million, and expects diluted earnings per share to be between $0.61 and $0.65.
Founded in 1941, Melville, NY-based MSC Industrial distributes 600,000 metalworking and MRO supplies – including fasteners and hardware – from 3,000 suppliers to 324,000 customers. ©2010 GlobalFastenerNews.com
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