MSC sales climb 16.2 percent
MSC Industrial Direct reported net sales for the fiscal second quarter 2014 were $661.5 million, an increase of 16.2% over the same quarter a year ago.
The acquired Barnes Distribution North America business contributed $69.8 million to net sales in the quarter.
Net income for the quarter was $49.5 million, or 79 cents per share, compared to $56.1 million, or 88 cents, in the same period last year.
Excluding non-recurring costs of $8.0 million associated with the BDNA acquisition, the co-location of the company's headquarters, and the executive separation costs, adjusted operating income for the fiscal second quarter 2014 was $89.8 million, compared to $92.3 million in the same quarter a year ago.
"The manufacturing environment continues to show improvement. Despite the impact of weather disruptions, we continued to gain share in our core metalworking market and saw accelerated growth rates in our national account and government programs," said Erik Gershwind, president and chief executive officer.
Jeff Kaczka, executive vice president and chief financial officer, commented, "We were pleased to deliver the high end of our earnings per share guidance in the second quarter despite the weather disruptions that impacted our sales growth. Additionally, we continued to execute on our infrastructure and growth initiatives according to plan. Looking forward to fiscal third quarter, the midpoint of our guidance range for organic average daily sales growth assumes that April and May continue the underlying organic growth rates seen in March."1
MSC expects net sales for fiscal third quarter 2014 to be between $720 million and $732 million.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
