MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2023 FOURTH QUARTER AND FULL YEAR RESULTS

MELVILLE, N.Y. and DAVIDSON, N.C., Oct. 25, 2023

Net sales of $1,035.4 million increased 1.3% YoY (9.3% on an average daily sales basis, approximately 9 percentage points above the Industrial Production (IP) index)
Operating income of $118.1 million, or $130.4 million adjusted to exclude share reclassification and restructuring and other costs¹
Operating margin of 11.4%, or 12.6% excluding the adjustments described above¹
Diluted EPS of $1.56 vs. $1.86 in the prior year and adjusted EPS of $1.64 vs. $1.79 in the prior year quarter¹
Agreement to eliminate dual class share structure overwhelmingly approved by shareholders this month

FISCAL 2023 HIGHLIGHTS

Net sales of $4,009.3 million increased 8.6% YoY (11.2% on an average daily sales basis, approximately 10 percentage points above the IP index)
Operating income of $483.7 million, or $504.5 million adjusted to exclude share reclassification, acquisition-related, restructuring and other costs¹
Operating margin of 12.1%, or 12.6% excluding the adjustments described above¹
Year-over-year improvement in both Diluted EPS of $6.11 and adjusted diluted EPS of $6.29¹
Generated strong operating cash flows of $699.6 million or 204% of net income
Successfully completed Mission Critical Program by achieving all publicly stated targets

MELVILLE, N.Y. and DAVIDSON, N.C., Oct. 25, 2023 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC," "MSC Industrial" or the "Company," a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services, today reported financial results for its fiscal 2023 fourth quarter and full year ended September 2, 2023.

Financial Highlights²

FY23 Q4

FY22 Q4

ARIVA.DE Börsen-Geflüster

Kurse

MSC Industrial Direct

93,02 $

0,00%

Change

FY23

FY22

Change

Net Sales

$ 1,035.4

$ 1,022.2

1.3 %

$ 4,009.3

$ 3,691.9

8.6 %

Income from Operations

$ 118.1

$ 144.0

(18.0) %

$ 483.7

$ 468.7

3.2 %

Operating Margin

11.4 %

14.1 %

12.1 %

12.7 %

Net Income Attributable to MSC

$ 87.6

$ 104.1

(15.9) %

$ 343.2

$ 339.8

1.0 %

Diluted EPS

$ 1.56

³

$ 1.86

⁴

(16.1) %

$ 6.11

³

$ 6.06

⁴

0.8 %

Adjusted Financial Highlights²

FY23 Q4

FY22 Q4

Change

FY23

FY22

Change

Net Sales

$ 1,035.4

$ 1,022.2

1.3 %

$ 4,009.3

$ 3,691.9

8.6 %

Adjusted Income from Operations ¹

$ 130.4

$ 138.6

(5.9) %

$ 504.5

$ 475.3

6.1 %

Adjusted Operating Margin ¹

12.6 %

13.6 %

12.6 %

12.9 %

Adjusted Net Income Attributable to MSC ¹

$ 92.0

$ 100.2

(8.2) %

$ 353.8

$ 344.7

2.6 %

Adjusted Diluted EPS ¹

$ 1.64

³

$ 1.79

⁴

(8.4) %

$ 6.29

³

$ 6.15

⁴

2.3 %

¹ Represents a non-GAAP financial measure. An explanation and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented in the schedules accompanying this press release.

² In millions except percentages and per share data or as otherwise noted.

³ Based on 56.3 million and 56.2 million diluted shares outstanding for FY23 Q4 and FY23, respectively.

⁴ Based on 56.1 million and 56.0 million diluted shares outstanding for FY22 Q4 and FY22, respectively.

Erik Gershwind, President and Chief Executive Officer, said, "Fiscal 2023 was a monumental year as we exceeded $4 billion in annual net sales for the first time in company history. Additionally, we enhanced our corporate governance into a structure that is more friendly to all shareholders, built upon our M&A strategy and successfully completed our three-year Mission Critical program that strengthened our growth trajectory and operational excellence. We achieved several notable accomplishments with the completion of the first chapter of Mission Critical. We grew over 500 basis points above the Industrial Production Index, brought adjusted operating expenses to sales down by over 200 basis points, and brought ROIC into the high teens."

Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "I am proud of our team's accomplishments in fiscal 2023. We expanded adjusted operating income during the fiscal year, despite one less selling week and near-term margin headwinds, outgrew the IP Index by 1,000 basis points and produced strong cash generation. Looking ahead to fiscal 2024, this gives us confidence in our ability to continue outgrowing the market and producing strong cash returns in the face of challenging conditions. Our strong cash generation will enable us to offset dilution from the reclassification agreement through share repurchases and still pursue other capital allocation priorities."

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