Posted October 27, 2011
MSC sales up 15.6%
MSC Industrial Direct reported net sales for the fourth quarter of fiscal 2011 of $533.2 million, an increase of 15.6% over $461.4 million in the same period last year.
Net income for the quarter rose 34.9% to $59.5 million from $44.1 million a year ago. Diluted earnings per share in the fiscal 2011 fourth quarter increased 32.9% to 93 cents per share, compared to 70 cents in the fourth quarter of fiscal 2010.
As previously announced, the company acquired American Tool Supply Inc. and its affiliate, American Specialty Grinding Co. Inc. during the quarter. ATS contributed $5.5 million in sales and breakeven operating performance during the quarter, ahead of prior expectations.
For the 2011 fiscal year, net sales increased 19.5% to $2.02 billion from $1.69 billion in fiscal year 2010. For fiscal 2011 net income was $218.8 million, an increase of 45.5% over net income of $150.4 million a year ago.
"Our performance reflected the continued strength we are seeing from our core manufacturing customer base despite broader economic uncertainties. Sales growth of 15.6% in the fiscal 2011 fourth quarter resulted from our market share gains and the success of our growth initiatives," said Erik Gershwind, president and chief operating officer.
Based on current market conditions, the company expects net sales for the first quarter of fiscal 2012 to be between $538 million and $550 million.
