4/16/2010
NEWS BRIEFS
MSC Industrial Exceeds Earnings Forecast
Earnings at MSC Industrial Direct are expected to exceed analyst estimates in the current quarter.
In the last five quarters, MSM has exceeded EPS estimates by an average of 7.8%, according to Zachs Investment Research.
MSC earnings per share during the fiscal second quarter reached $0.48, beating investor expectations by 2% as revenue rose 12.4% to $395.5 million.
MSC forecasts fiscal third quarter EPS at $0.63 to $0.67 on net sales of $436 million to $448 million – well above the $0.55 EPS forecasted by investment analysts.
During the first half of fiscal 2010, MSC sales dipped 5% to $780.3, while net income dropped 13% to $62.1 million.
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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