Sales and net income at Melville-based MSC Industrial Direct Co. jumped in the company’s fiscal second quarter because of the Trump tax cuts and an improved manufacturing environment, the company said Tuesday.
The distributor of industrial tools and supplies said sales jumped 9.3 percent from a year earlier to $769 million.
Net income soared 119.5 percent to $117.6 million in the quarter ended March 3. Per-share earnings climbed 121.5 percent to $2.06.
The tax cuts that Congress passed and President Donald Trump signed late last year resulted in a benefit of $41.2 million, or 72 cents a share, in the latest quarter, the company said in a news release.
And an improved manufacturing environment, enabling the company to raise prices, helped to lift results, said MSC, one of Long Island’s largest public companies.
“The manufacturing environment in the second fiscal quarter remained firm, and customer outlook remained positive,” MSC’s president and chief executive Erik Gershwind said in a statement. “The pricing environment also continued to improve, and we implemented a moderate price increase in late January.”
Going forward, the company, which also has a headquarters in Davidson, North Carolina, believes it is positioned for even stronger growth.
“Strengthening market demand and a better pricing environment, coupled with a continuing focus on driving productivity and our decision to begin growing our sales force, bode well for an even better future, “ Gershwind said.
MSC shares closed at $91.81, up 7 cents, or 0.08 percent,on the New York Stock Exchange Tuesday.