MSC Industrial Direct (MSM) 2021 Q2 Financial Results

The history of MSC Industrial Direct Co Inc (NYSE:MSM) dates back to 1941 when Sidney Jacobson created Sid Tool Company to sell cutting tools to machine shops in New York City. Sid Tool acquired a cutting tool marketer called Manhattan Supply Company in 1971 to expand its imported cutting tool business. The acquisition also laid out the foundation for the name “MSC.” Today, it is a top supplier of maintenance, repair, and operations tools to a range of industries.

The Melville, NY-based industrial equipment distributor recently announced its financial results for the second quarter. MSC reported earnings of 32 cents per share for the three months ended February 27, down from $1 per share in the comparable quarter of 2020. On an adjusted basis, the company earned $1.03 per share, beating the consensus forecast of $1.02 per share.

Revenue for the quarter came in at $774.0 million, slightly down from $786 million in the year-ago quarter. Analysts on average were expecting MSC to post revenue of $774 million. Looking forward, MSC is targeting $90 million to $100 million in gross cost savings through fiscal 2023.

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Speaking on the results, CEO Erik Gershwind said in a statement, “Our fiscal second quarter reflected solid execution in a choppy but improving environment. Improvement in sales levels of our non-safety and non-janitorial product lines continued through the quarter and turned positive in March. Sales of our safety and janitorial products grew in the mid-teens. Execution of our Mission Critical initiatives was solid, and I am pleased with the progress that we are making with our share capture programs.”

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