MSC Industrial Direct Co., Inc. Announces Unaudited Consolidated Earnings Results for First Quarter Ended December 3, 2016; Provides Earnings Guidance for the Second Quarter 2017
January 11, 2017 at 06:45 am EST
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MSC Industrial Direct Co., Inc. announced unaudited consolidated earnings results for first quarter ended December 3, 2016. For the quarter, the company reported net sales of $686,271,000, income from operations of $90,600,000, income before provision for income taxes of $87,545,000, net income of $54,103,000, net income per common share: diluted of $0.95, net cash provided by operating activities of $75,435,000, expenditures for property, plant and equipment of $12,497,000 compared to the net sales of $706,819,000, income from operations of $90,388,000, income before provision for income taxes of $89,058,000, net income of $55,029,000, net income per common share: diluted of $0.89, net cash provided by operating activities of $122,110,000, expenditures for property, plant and equipment of $15,575,000 for the same quarter a year ago.
Based on current market conditions, the company expects net sales for the second quarter of fiscal 2017 to be between $688 million and $701 million. At the midpoint, average daily sales are expected to increase roughly 1.5%, as compared to last year's second quarter. The Company expects diluted earnings per share for the fiscal second quarter 2017 to be between $0.86 and $0.90.
MSC Industrial Direct Co., Inc. is a North American distributor of a range of metalworking and maintenance, repair and operations (MRO) products and services. Its range of MRO products includes cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components and electrical supplies. It serves a range of customers throughout the United States, Canada, Mexico, and the United Kingdom, from individual machine shops to manufacturing companies to government agencies, such as the United States General Services Administration and the United States Department of Defense. It operates a network of six customer fulfillment centers, 10 regional inventory centers and 41 warehouses. The Company's customer fulfillment centers have various locations in the United States.
MSC Industrial Direct Co., Inc. Announces Unaudited Consolidated Earnings Results for First Quarter Ended December 3, 2016; Provides Earnings Guidance for the Second Quarter 2017