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MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2023 THIRD QUARTER RESULTS

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire

MELVILLE, N.Y. and DAVIDSON, N.C., June 29, 2023

FISCAL 2023 Q3 HIGHLIGHTS

Net sales of $1,054.5 million increased 10.0% YoY (11.7% on an average daily sales basis), approximately 11 percentage points above the Industrial Production (IP) index
Operating income of $135.4 million, or $138.6 million adjusted to exclude share reclassification proposal costs and restructuring and other costs¹
Operating margin of 12.8%, or 13.1% excluding the adjustments described above¹
Diluted EPS of $1.69 vs. $1.78 in the prior fiscal year quarter
Adjusted diluted EPS of $1.74 vs. $1.82 in the prior fiscal year quarter¹

MELVILLE, N.Y. and DAVIDSON, N.C., June 29, 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 third quarter ended June 3, 2023.

Financial Highlights²

FY23 Q3

FY22 Q3

Change

ARIVA.DE Börsen-Geflüster

Kurse

MSC Industrial Direct

93,02 $

0,00%

FY23 YTD

FY22 YTD

Change

Net Sales

$ 1,054.5

$ 958.6

10.0 %

$ 2,973.8

$ 2,669.6

11.4 %

Income from Operations

$ 135.4

$ 136.8

(1.1) %

$ 365.7

$ 324.7

12.6 %

Operating Margin

12.8 %

14.3 %

12.3 %

12.2 %

Net Income Attributable to MSC

$ 95.2

$ 99.7

(4.5) %

$ 255.6

$ 235.7

8.5 %

Diluted EPS

$ 1.69

⁽³⁾

$ 1.78

⁽⁴⁾

(5.1) %

$ 4.56

⁽³⁾

$ 4.21

⁽⁴⁾

8.3 %

Adjusted Financial Highlights ²

FY23 Q3

FY22 Q3

Change

FY23 YTD

FY22 YTD

Change

Net Sales

$ 1,054.5

$ 958.6

10.0 %

$ 2,973.8

$ 2,669.6

11.4 %

Adjusted Income from Operations ¹

$ 138.6

$ 140.3

(1.2) %

$ 374.0

$ 336.6

11.1 %

Adjusted Operating Margin ¹

13.1 %

14.6 %

12.6 %

Adjusted Net Income Attributable to MSC ¹

$ 97.5

$ 102.2

(4.6) %

$ 261.9

$ 244.5

7.1 %

Adjusted Diluted EPS ¹

$ 1.74

⁽³⁾

$ 1.82

⁽⁴⁾

(4.4) %

$ 4.67

⁽³⁾

$ 4.36

⁽⁴⁾

7.1 %

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 56.2 million and 56.1 million diluted shares outstanding for FY23 Q3 and FY23 YTD, respectively.

⁴ Based on 56.1 million and 56.0 million diluted shares outstanding for FY22 Q3 and FY22 YTD, respectively.

Erik Gershwind, President and Chief Executive Officer, said, "Successful execution of our Mission Critical growth initiatives in the third quarter resulted in the fifth consecutive quarter of double-digit sales growth aided by robust Public Sector performance. We delivered average daily sales growth of nearly 12 percent and outperformed the IP index by double digits for the second consecutive quarter. Looking ahead and despite macro uncertainty, we expect to continue outperforming the IP index as we leverage MSC specific momentum and strengthen our market position through strategic investments."

Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Another quarter of above market sales growth provides clear evidence that MSC continues to take market share. This drove meaningful cash generation during the quarter, despite the impact on gross margin from a significant Public Sector contract win and overall customer mix. As a result of our ongoing execution, we are raising fiscal 2023 sales guidance and remain confident in future profitable growth."

Gershwind concluded, "As we approach the finish line of our three-year Mission Critical journey, we have made significant progress on diversifying our end markets, taking market share, improving profitability, and enhancing corporate governance with the recent agreement to eliminate our dual class share structure. Combined with future benefits from our Mission Critical journey and topline momentum, we believe that we are well positioned to deliver value to all stakeholders in fiscal 2024 and beyond."

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