4/6/2011
NEWS BRIEFS
MSC Industrial Direct Sales & Profit Jump
MSC Industrial Direct reported sales rose 22.2% to $483.4 million in the second quarter of fiscal 2011, boosted by “significant” growth within its core customer base. Operating income soared 61.6% to $80.6 million — or 16.7% of sales, while net income jumped 62% to $49.7 million.
Diluted earnings per share in the fiscal 2011 second quarter improved 62.5% to $0.78 (based on 63.3 million diluted shares outstanding).
During the quarter, MSC completed the integration of Rutland Tool & Supply Co., which achieved $6.6 million in fiscal Q2 sales. Excluding acquisition and integration costs, Rutland broke even for the period, though COO Erik Gershwind said Rutland “delivered better results than we originally anticipated.”
First half sales gained 22% to $956.2 million, while operating income increased 56% to $157.7 million — or 16.5% of net sales. First-half net income grew 56% to $97.2 million.
“I’m absolutely delighted with our performance and the strong financial results that our team delivered, driven by excellent execution, stronger demand across our customers than originally anticipated and continued gains in market share,” stated CEO David Sandler.
For the fiscal 2011 third quarter, MSC expects net sales of $524 million to $536 million and diluted earnings per share of $0.90 to $0.94. ©2011 GlobalFastenerNews.com
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