MSC Industrial Q3 Profit Tops Consensus; Sales Up 10.7%, But Misses View

(RTTNews) - MSC Industrial Supply Co. (MSM) reported Q3 net income of $99.7 million or $1.78 per share compared to $94.4 million or $1.68 per share last year.

Adjusted net income was $102.2 million or $1.82 per share versus $80.2 million or $1.42 per share in the prior year period.

Net sales for the quarter increased 10.7% to $958.6 million from $866.3 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $1.74 per share on revenue of $960.52 million for the quarter. Analysts' estimate typically exclude certain special items.

Erik Gershwind, President and Chief Executive Officer, said, "Our fiscal third quarter is another proof point of the building momentum inside of our Company. We achieved double-digit average daily sales growth, roughly 500 basis points above the Industrial Production ("IP") index..."