7/7/2016 12:54:00 AM
NEWS BRIEFS
MSC Industrial Income Up Despite Lower Sales
MSC Industrial Supply Co. reported sales, including fasteners, declined 2.4% to $727.5 million in the third quarter of fiscal 2016. Operating income rose 1.5% to $105.8 million, while net income increased 2.1% to $64.8 million.
Gross margin of 45% remained “stable in a challenging economic environment.” Operating margin of 14.5% was “driven by tight operating cost control and ongoing productivity improvements.”
Sales during the first nine months of fiscal 2016 dropped 2.9% to $2.12 billion, with gross profit down 2.5% to $954.8 million and net income falling 1.7% to $169.4 million.
Based on current market conditions, the company expects net sales for the fiscal 2016 fourth quarter to be between $730 million and $742 million.
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