MSC Industrial Supply Co. Q2 Profit Beats Estimates; Net Sales Up 11.4%

(RTTNews) - MSC Industrial Supply Co. (MSM) reported second quarter adjusted EPS of $1.29 compared to $1.03, a year ago, a 25.2% increase. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $1.22, for the quarter. Analysts' estimates typically exclude special items.

Net income attributable to MSC increased to $69.9 million from $18.1 million, prior year. EPS was $1.25 compared to $0.32.

Net sales were $862.5 million, an increase of 11.4% from prior year. Analysts on average had estimated $855.96 million in revenue.

Kristen Actis-Grande, CFO, said, "Strong top line growth combined with gross margin execution and Mission Critical cost savings resulted in 11.6% adjusted operating margin and 22.4% adjusted incremental margin over the prior year fiscal second quarter. With the building momentum, we are adding a low double-digit growth tier to our fiscal 2022 annual adjusted operating margin framework with a corresponding annual adjusted operating margin between 12.5% and 13.1%. Should recent trends continue, we expect to be in that range."