4/9/2010
NEWS BRIEFS
MSC Industrial Direct Sees “Improved” Performance With Better Days Ahead
MSC Industrial Direct reported net sales rose 12.4% to $395.5 million in the second quarter of fiscal 2010, with operating income growing 15.4% to $49.9 million and net income increasing 16.6% to $26.3 million. MSC said both inventory turns and days sales outstanding in receivables improved during the period, reflecting what CEO David Sandler called a “solid performance against a backdrop of improving market conditions.”
Sales for the first half of fiscal 2010 dipped 5% to $780.3, while net income dropped 13% to $62.1 million.
“Having passed through the most challenging economic climate in recent history, we are now seeing encouraging signs of stabilization in the market,” Sandler stated. “While the recovery is still in its early stages, we have seen our sales growth rate accelerate and believe this sales momentum is real and sustainable going forward, particularly in light of performance to date in the fiscal third quarter.”
MSC forecasts net sales of $436 million to $448 million for the fiscal third quarter.
Founded in 1941, Melville, NY-based MSC Industrial distributes 590,000 metalworking and MRO supplies – including fasteners and hardware – from 3,000 suppliers to 371,000 customers. ©2010 GlobalFastenerNews.com
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