Top-News
Donnerstag,
28.03.2024 06:30
von
PR Newswire
| Aufrufe: 73
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 SECOND QUARTER RESULTS
Zeitungsständer (Symbolbild).
© Global_Pics / iStock Unreleased / Getty Images
PR Newswire
MELVILLE, N.Y. and DAVIDSON, N.C., March 28, 2024
FISCAL 2024 Q2 HIGHLIGHTS
- Net sales of $935.3 million decreased 2.7% YoY, 290 basis points below the Industrial Production (IP) Index
- Operating income of $91.2 million, or $97.8 million adjusted to exclude restructuring and other costs as well as acquisition-related costs1
- Operating margin of 9.7%, or 10.5% excluding the adjustments described above1
- Diluted EPS of $1.10 vs. $1.41 in the prior fiscal year quarter
- Adjusted diluted EPS of $1.18 vs. $1.45 in the prior fiscal year quarter1
MELVILLE, N.Y. and DAVIDSON, N.C., March 28, 2024 /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 2024 second quarter ended March 2, 2024.
| Financial Highlights 2 | | FY24 Q2 | | FY23 Q2 | | Change | | FY24 YTD | | FY23 YTD | | Change |
| Net Sales | | $ 935.3 | | $ 961.6 | | (2.7) % | | $ 1,889.3 | | $ 1,919.4 | | (1.6) % |
| Income from Operations | | $ 91.2 | | $ 114.3 | | (20.2) % | | $ 192.8 | | $ 230.3 | | (16.3) % |
| Operating Margin | | 9.7 % | | 11.9 % | | | | 10.2 % | | 12.0 % | | |
| Net Income Attributable to MSC | | $ 61.8 | | $ 79.1 | | (21.9) % | | $ 131.2 | | $ 160.5 | | (18.2) % |
| Diluted EPS | | $ 1.10 | 3 | $ 1.41 | 4 | (22.0) % | | $ 2.32 | 3 | $ 2.86 | 4 | (18.9) % |
| | | | | | | | | | | | | |
| Adjusted Financial Highlights 2 | | FY24 Q2 | | FY23 Q2 | | Change | | FY24 YTD | | FY23 YTD | | Change |
| Net Sales | | $ 935.3 | | $ 961.6 | | (2.7) % | | $ 1,889.3 | | $ 1,919.4 | | (1.6) % |
| Adjusted Income from Operations 1 | | $ 97.8 | | $ 117.2 | | (16.5) % | | $ 201.5 | | $ 235.4 | | (14.4) % |
| Adjusted Operating Margin 1 | | 10.5 % | | 12.2 % | | | | 10.7 % | | 12.3 % | | |
| Adjusted Net Income Attributable to MSC 1 | | $ 66.8 | | $ 81.3 | | (17.8) % | | $ 136.7 | | $ 164.3 | | (16.8) % |
| Adjusted Diluted EPS 1 | | $ 1.18 | 3 | $ 1.45 | 4 | (18.6) % | | $ 2.42 | 3 | $ 2.93 | 4 | (17.4) % |
| | ||||||||||||
| 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 56.5 million and 56.6 million weighted-average diluted shares outstanding for FY24 Q2 and FY24 YTD, respectively. | ||||||||||||
| 4 Based on 56.0 million and 56.1 million weighted-average diluted shares outstanding for FY23 Q2 and FY23 YTD, respectively. | ||||||||||||
Erik Gershwind, President and Chief Executive Officer, said, "As we exit the first half of our fiscal year, our performance has been mixed. I am pleased with our solutions business that continues capturing market share. I am also pleased with how we are managing the business in a soft environment, as evidenced by strong gross margin performance and cash flow generation. However, our core customer growth rate has not yet improved in the face of a sluggish macro environment. We remain confident in our plan and pleased with the execution of our Mission Critical initiatives. As a result, we expect to see improvement during the back half of our fiscal year."
Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "A slow start to the second quarter and continued softness in heavy manufacturing verticals resulted in our average daily sales declining 2.7% year-over-year. Though sales fell short of expectations, I am encouraged by the 20-basis point improvement in our gross margin and the strong cash conversion supported by inventory reductions during the quarter. However, due to our lower than expected performance in the first half combined with current market conditions, it is likely that we will be at the lower end of our outlook for the full year."
Gershwind concluded, "We have deployed initiatives to recapture market share, which we expect to begin delivering benefits in the second half of our fiscal year. While there are risks to the timing of these benefits, I am confident in their ability to drive growth. Looking ahead, we will remain focused on the execution of these growth initiatives and building a robust pipeline of productivity opportunities that we expect to yield operating margin expansion as we return to growth."
Werbung
Mehr Nachrichten zur MSC Industrial Direct Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)
-1
Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.
