MSC Industrial quarterly profit up 21%

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 reported $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 reported earnings of 95 cents per diluted share, up from 78 cents in the prior-year quarter.

"With each passing quarter, it becomes increasingly clear that the industry consolidation we foresaw almost four years ago is entering the next phase," said David Sandler, MSC's chief executive.

The industrial supply marketplace "is now rewarding the narrowing field of distributors who are capable of consolidating customers' " spending, Sandler said.

MSC said it expected moderate growth in coming months. Sandler said he estimated an increase in the coming quarter to $610 million to $622 million in net sales.

Shares closed down $1.68 to $82.59 Wednesday. Year-to-date, its shares are up 15.43 percent.