Posted January 6, 2011
MSC Industrial sales up 22.9 percent
MSC Industrial said its fiscal 2011 first quarter sales rose 22.9% to $472.8 million, compared with $384.8 million in the prior year period.
Operating income increased 51.2% to $77.2 million, compared with $51.0 million in the prior year period. The company reported net income of $47.6 million, or 75 cents per share, compared to $31.4 million, or 50 cents per share, in the first quarter of fiscal 2010.
"We saw excellent revenue growth in the first quarter against more challenging comparables, driven by strong market share gains, the resurgence of the U.S. manufacturing base and strong performance within our core customer base," said Erik Gershwind, executive vice president and chief operating officer. "These factors more than offset some slowing in demand from government customers, who are feeling more financial restraints as their budgets remain under pressure. Overall, we are encouraged by improving customer sentiment and the macro indicators in the market."
For the second quarter, MSC expects net sales to be between $466.0 million and $478.0 million, which includes approximately $6.0 million in sales from the recently completed acquisition of Rutland Tool & Supply.
