MSC Industrial Supply Co. Q2 Profit Tops Estimates; Net Sales Up 11.5%

(RTTNews) - MSC Industrial Supply Co. (MSM) reported that its second quarter net income to MSC was $79.1 million, an increase of 13.2% from prior year. EPS was $1.41 compared to $1.25. Adjusted EPS was $1.45 compared to $1.29. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $1.34, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating margin was 12.2% compared to 11.6%.

Erik Gershwind, CEO, said, "We delivered average daily sales growth approximately 11 percentage points higher than the IP Index and double-digit average daily sales growth for the fourth consecutive quarter. Looking ahead, we expect our outperformance against the IP Index to continue as we execute across our five growth drivers and take share by leveraging technical expertise to create operational benefits across our customer base."

Net sales were $961.6 million, up 11.5% from a year ago. Analysts on average had estimated $934.07 million in revenue.

For fiscal 2023, the company projects adjusted operating margin in a range of 12.7%-13.3%.

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