MSC sales up 4.1%
MSC Industrial Direct said its 3Q sales were $636.9 million, an increase of 4.1% over the third quarter of fiscal 2012.
The recently acquired Barnes Distribution North America business contributed approximately $34.7 million to net sales. Excluding non-recurring costs of $6.4 million associated with the BDNA acquisition and the co-location of the company's headquarters, adjusted net income for the quarter was $66.7 million, or $1.05 per diluted share, compared to $70.2 million, or $1.10, a year ago.
"We continue to fuel share gains in our targeted markets despite a sluggish manufacturing sector, particularly in metalworking-related end markets. The organic growth investments we have made in E-commerce, vending and other areas are offsetting a weak demand environment," said Erik Gershwind, president and CEO.
He added that the company is beginning to execute its integration plans following the April Barnes acquisition, including distribution network and headquarter consolidations with MSC. "We are on track to achieving our long-term growth goal of $4 billion in revenue by FY2016," he said.
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.
