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Melville industrial supplier sees 21 percent profit rise
Melville-based MSC Industrial Direct Inc., a national distributor of metalworking, maintenance and repair supplies, reported a 21 percent rise in quarterly profit, saying it has gained market share amid a strong performance in sales and revenue.
MSC sells online and through its hard-copy 4,432-page Big Book, listing about 600,000 products, with a specialty in metalworking.
The company reports $60 million in earnings on $562.9 million sales for the quarter ended Feb. 25, up from $49.6 million earnings on $483.3 million in the same quarter last year. The company reports earnings of 95 cents per diluted share, up from 78 cents in the prior-year quarter.
David Sandler, MSC's chief executive, said, "With each passing quarter, it becomes increasingly clear that the industry consolidation we foresaw almost four years ago is entering the next phase."
The industrial supply marketplace "is now rewarding the narrowing field of distributors who are capable of consolidating customers' spend across multiple locations," Sandler said.
MSC expects moderate growth in coming months, and estimates an increase in sales for the coming quarter in the range of $610 million-$622 million in net sales, he said.
Photo, above, shows Sandler
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Tags: MSC Industrial