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10.04.2018 12:45
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MSC Reports Fiscal 2018 Second Quarter Results
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PR Newswire
MELVILLE, N.Y. and DAVIDSON, N.C., April 10, 2018
MELVILLE, N.Y. and DAVIDSON, N.C., April 10, 2018 /PRNewswire/ --
FISCAL Q2 2018 HIGHLIGHTS
- Net sales of $769 million, a 9.3% YoY increase, with approximately 430 basis points of acquisitive growth
- Operating income of $98.1 million, an increase of approximately 13.2% YoY
- Operating margin of 12.8%, a 50 basis point expansion YoY
- Diluted EPS of $2.06, which includes one-time tax adjustments, versus $0.93 in the prior year quarter
MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" or the "Company," a premier distributor of Metalworking and Maintenance, Repair and Operations ("MRO") products and services to industrial customers throughout North America, today reported financial results for its fiscal 2018 second quarter ended March 3, 2018.
| | | | | | | | | | | | | |
| Financial Highlights1 | | FY18 Q2 | | FY17 Q2 | | Change | | FY18 YTD | | FY17 YTD | | Change |
| Net Sales | | $769.0 | | $703.8 | | 9.3% | | $1,537.5 | | $1,390.1 | | 10.6% |
| Operating Income | | 98.1 | | 86.6 | | 13.2% | | 197.4 | | 177.2 | | 11.4% |
| % of Net Sales | | 12.8% | | 12.3% | | | | 12.8% | | 12.8% | | |
| Net Income | | 117.6 | | 53.6 | | 119.5% | | 177.1 | | 107.8 | | 64.2% |
| Diluted EPS | | $2.06 | 2 | $0.93 | 3 | 121.5% | | $3.12 | 2 | $1.89 | 3 | 65.1% |
| 1In millions except per share data or as otherwise noted. 2Based on 56.9 million and 56.7 million diluted shares outstanding for FY18 Q2 and FY18 YTD, respectively. 3 Based on 57.2 million and 56.9 million diluted shares outstanding for FY17 Q2 and FY17 YTD, respectively. | ||||||||||||
Reported results include a tax benefit attributable to the Tax Cuts and Jobs Act, which has the following components:
- A provisional benefit of $41.2 million, or $0.72 per diluted share, from the revaluation of the company's tax related balance sheet items; and
- A benefit of $16.9 million, or $0.30 per diluted share, attributable to the lower effective tax rate required to bring our first half into alignment with the expected full year rate.
Diluted earnings per share for the second quarter of fiscal 2018 excluding the positive impacts of the Tax Cuts and Jobs Act was $1.04 per share, up 11.8% over the prior year.
Erik Gershwind, president and chief executive officer, said, "The manufacturing environment in the second fiscal quarter remained firm, and customer outlook remained positive. The pricing environment also continued to improve, and we implemented a moderate price increase in late January. As a result, we delivered improved gross margins, which along with productivity, resulted in strong incremental margins. We remain focused on growing technical and high-touch areas to create a deeper moat around our business, and while I am pleased with our progress, we have room for further improvement. Strengthening market demand and a better pricing environment, coupled with a continuing focus on driving productivity and our decision to begin growing our sales force, bode well for an even better future."
Rustom Jilla, executive vice president and chief financial officer, added, "Our reported fiscal second quarter average daily sales rose 9.3%, gross margin was 43.9%, operating expenses to sales improved to 31.1%, and operating income rose 13.2%. Excluding the impact of the DECO acquisition, our organic average daily sales growth was 5.0%, our gross margin was flat with the prior year, our operating expenses to sales ratio improved by 90 basis points, and operating income rose 12.8%, demonstrating strong leverage.* We also had another quarter of solid cash generation, with year to date net cash from operations up 22% on the prior year. During the quarter, we repurchased shares and paid out a dividend of 58 cents per share, up 29% from the prior year, indicative of our commitment to allocating capital to enhance total shareholder returns."
* An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in schedules following this press release
Outlook
The Company expects net sales for the third quarter of fiscal 2018 to be between $820 million and $835 million. At the midpoint, average daily sales are expected to increase roughly 11% compared to last year's third quarter. Excluding DECO, the Company expects net sales for the third quarter of fiscal 2018 to be between $789 million and $803 million, with average daily sales at the midpoint expected to increase roughly 7% compared to last year's third quarter. The Company expects diluted earnings per share for the third quarter of fiscal 2018, including and excluding DECO, to be between $1.37 and $1.43.
Conference Call Information
MSC will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2018 second quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).
An online archive of the broadcast will be available until April 17, 2018.
The Company's reporting date for fiscal 2018 third quarter results is scheduled for July 11, 2018.
About MSC Industrial Supply Co. MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of metalworking and maintenance, repair, and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with more than 1 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries.
Our experienced team of approximately 6,500 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow.
For more information on MSC, please visit mscdirect.com.
Note Regarding Forward-Looking Statements:
Statements in this Press Release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about expected future results, expected benefits from our investment and strategic plans, and expected future margins, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. Factors that could cause actual results to differ materially from those in forward-looking statements include: general economic conditions in the markets in which we operate, changing customer and product mixes, competition, including the adoption by competitors of aggressive pricing strategies and sales methods, industry consolidation, volatility in commodity and energy prices, the outcome of government or regulatory proceedings or future litigation, credit risk of our customers, risk of cancellation or rescheduling of orders, work stoppages or other business interruptions (including those due to extreme weather conditions) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers, dependence on our information systems and the risk of business disruptions arising from changes to our information systems, disruptions due to computer system or network failures, computer viruses, physical or electronics break-ins and cyber-attacks, retention of key personnel, the loss of key suppliers or supply chain disruptions, risks associated with changes to trade policies, failure to comply with applicable environmental, health and safety laws and regulations, goodwill and intangible assets recorded as a result of our acquisitions could be impaired, risks associated with the integration of acquired businesses or other strategic transactions, and financial restrictions on outstanding borrowings. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. We assume no obligation to update any of these forward-looking statements.
| MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||
| Condensed Consolidated Balance Sheets | |||||
| (In thousands) | |||||
| | |||||
| | March 3, | | September 2, | ||
| | 2018 | | 2017 | ||
| ASSETS | (unaudited) | | | | |
| Current Assets: | | | | | |
| Cash and cash equivalents | $ | 31,608 | | $ | 16,083 |
| Accounts receivable, net of allowance for doubtful accounts | | 501,067 | | | 471,795 |
| Inventories | | 498,987 | | | 464,959 |
| Prepaid expenses and other current assets | | 56,253 | | | 52,742 |
| Total current assets | | 1,087,915 | | | 1,005,579 |
| Property, plant and equipment, net | | 308,124 | | | 316,305 |
| Goodwill | | 633,405 | | | 633,728 Werbung Mehr Nachrichten zur MSC Industrial Direct Aktie kostenlos abonnieren
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