7/2/2009
NEWS BRIEFS
MSC Industrial Beats Wall Street Estimates
MSC Industrial Direct reported sales slid 23% to $350.5 million during the third quarter of fiscal 2009. Net income slipped 46% to $27.8 million, or 81 cents per share, beating Wall Street estimates and buoying MSC stock.
Analysts expected more modest earnings of 38 cents per share on revenue of $344.3 million, the Associated Press reports.
“While our performance in the fiscal third quarter was better than anticipated, visibility remains limited as we continue to operate in one of the most severe economic downturns our industry has ever experienced,” said CEO David Sandler.
MSC expects extended summer shutdowns that will likely impact sales in the coming months. Q4 estimates place earnings between 33 cents to 37 cents per share on revenue of $336 million to $348 million.
Wall Street is looking for a profit of 36 cents per share on revenue of $346.4 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. ©2009 GlobalFastenerNews.com
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