MSC Industrial Supply Down In Pre-market As Q3 Results Shy Of Estimates

(RTTNews) - Shares of MSC Industrial Supply Co. (MSM), a distributor of industrial equipment, were down more than 3 percent in pre-market on Tuesday to $75.50, after the company's third-quarter results fell short of analysts' view. MSC Industrial Supply also cut its full-year outlook.

Net income for the third quarter declined to $71.7 million or $1.27 per share from $95.2 million or $1.69 per share a year ago.

Excluding one-time items, earnings were $1.33 per share, that missed the average estimate of analysts at $1.34 per share.

Sales for the quarter dropped 7.1 percent to $979.4 million from last year's $1.05 billion. The consensus estimate was for $982.22 million.

For the full year, MSC Industrial Supply now expects ADS Growth to be down 4.3 percent to 4.7 percent, compared with the previous outlook of flat to a growth of 5 percent.

MSM shares had closed at $78.23, down 1.36 percent on Monday. The stock has traded in the range of $75.05 - $105.77 in the last 1 year.