MSC Industrial sales up 6.1 percent
MSC Industrial Direct said its net sales for the fourth quarter of fiscal 2013 were $673.8 million, an increase of 6.1% over $635.3 million in the same period last year.
The recently acquired Barnes Distribution North America business contributed approximately $73.6 million to net sales in the fiscal 2013 fourth quarter.
Net income was $56.3 million, or 89 cents per share, compared to $68.9 million, or $1.09 per share, in last year's fourth quarter.
Excluding non-recurring costs of $6.4 million associated with the BDNA acquisition and the co-location of the company's headquarters, adjusted operating income for the fiscal 2013 fourth quarter was $98.7 million.
"Consistent with our outlook, a soft market environment persisted in the fiscal fourth quarter, particularly in metalworking where spending remained at depressed levels," said Erik Gershwind, president and CEO. He added that the success of initiatives such as e-commerce and vending continued despite this weakness.
Jeff Kaczka, executive vice president and chief financial officer, said that the BDNA integration is "progressing well and the contribution of BDNA to our results was better than expected."
The company expects net sales for the fiscal first quarter 2014 to be between $662 million and $674 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.
