TODAY'S PAPER
Good Morning
Good Morning
Long IslandSuffolk

MSC Industrial sales beat expectations

MSC Industrial Direct CEO Erik Gershwind.

MSC Industrial Direct CEO Erik Gershwind. Credit: Johnny Milano, 2013

Fiscal first-quarter net income at MSC Industrial Direct Co. fell 6.6 percent from a year ago to $59 million, in part because of costs associated with an acquisition and its new co-headquarters, the Melville-based distributor of industrial tools and supplies said Wednesday.

Excluding those nonrecurring charges, net income fell 2.2 percent to $62.6 million, beating a Bloomberg analysts' survey estimating adjusted net income of $60.1 million.

Sales for the quarter, which ended Nov. 30, also beat analysts' expectations. They jumped 17.5 percent from a year earlier to $678.5 million. The survey estimated sales to rise 15.9 percent to $669.3 million.

MSC shares closed at $84.51, up $3.10 in New York Stock Exchange trading Wednesday.

Cleveland-based Barnes Distribution North America, which MSC bought earlier this year, contributed about $72.4 million to the quarter's revenue, the company said.

Erik Gershwind, the company's president and chief executive, said the improving manufacturing industry helped lift sales.

"A healthier environment contributed to solid performance in the quarter and gives us even greater confidence going forward," he said in a statement issued with the earnings report.

In September, the company inaugurated its new co-headquarters in Davidson, N.C.

Latest Long Island News