MSC Industrial: Fiscal 2Q Earnings Snapshot
MELVILLE, N.Y. (AP) — MSC Industrial Direct Co. (MSM) on Tuesday reported fiscal second-quarter profit of $117.6 million.
On a per-share basis, the Melville, New York-based company said it had net income of $2.06. Earnings, adjusted for pretax gains and non-recurring gains, came to $1.34 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.
The distributor of industrial tools and supplies posted revenue of $769 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $767.8 million.
For the current quarter ending in June, MSC Industrial said it expects revenue in the range of $820 million to $835 million. Analysts surveyed by Zacks had expected revenue of $826.2 million.
MSC Industrial shares have declined 5 percent since the beginning of the year. The stock has decreased 4 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MSM at https://www.zacks.com/ap/MSM
This story has been corrected to show that adjusted profit was $1.34 per share. On that basis, results beat the average analyst estimates, based on a survey by Zacks.