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MSC Industrial reports increased profits, but misses expectations
MSC Industrial Direct Co., a Melville-based distributor of industrial supplies, Monday reported increases in sales and profit in the quarter ending Dec. 1, but the gains missed Wall Street analysts' expectations.
The company had sales of $577.5 million last quarter, a 5.8 percent increase over the same year-ago period. Profit for the quarter came in at $63.2 million, or $1 per share, also an increase over a profit of $59.8 million during the same period in 2011.
Stock analysts surveyed by Reuters had expected sales of around $597 million and earnings of $1.02 per share.
The stock traded lower on news of the miss this morning, falling over 4 percent to $73.62 per share by noon.