7/8/2015 12:46:00 AM
NEWS BRIEFS
MSC Industrial Profit Slips Despite Sales Growth
MSC Industrial Supply Co. sales for the fiscal third quarter 2015 rose 3.5% to $745.5 million. Adjusted operating income was $104.5 million, or 14.0% of net sales, compared to $107.3 million, or 14.9% of net sales, in the same quarter a year ago.
Net income declined 4% to $63.5 million.
“Our organic growth for the third quarter… reflected the continued impact of the soft pricing environment and the lingering effects of the rapid change in oil prices, softening export demand, and foreign exchange headwinds, all of which continue to drag on broader manufacturing activity,” stated CEO Erik Gershwind.
Nine-month sales increased 6.8% to $2.2 billion, while operating income gained 0.2% to $284.1 million.
MSC expects net sales for fiscal fourth quarter 2015 to be between $735 million and $747 million.
Founded in 1941, Melville, NY-based MSC Industrial distributes 685,000 metalworking and MRO supplies – including 42,000 fastener products. Web: mscdirect.com
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