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MSC Industrial Direct Co. Inc., Melville, NY, (NYSE: MSM), distributor of Metalworking and MRO supplies to industrial customers, reported sales for its fiscal 2011 second quarter ended Feb. 26, 2011, were up 22.2 percent to $483.4 million from the prior-year period.
Profit for the quarter was $49.7 million.
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During the quarter, the company completed the integration of its previously announced acquisition of Rutland Tool & Supply Co. The company results for the quarter included $6.6 million in sales from Rutland. Excluding acquisition and integration costs, Rutland broke even for the period.
Sales for the first half of fiscal 2011 were $956.2 million, compared with net sales of $780.3 million in the first half of fiscal 2010 - up 22.5 percent. Profit for the first half of fiscal 2011 was $97.2 million.
COO Erik Gershwind said: "We achieved strong results in the quarter led by significant growth within our core customer base. Our strong gross margin of 46.8 percent is primarily a function of improved rebates, excellent realization of the pricing adjustment we made around the holidays, and the growth in our core business. During the quarter, we also successfully completed the Rutland integration ahead of schedule, and that business delivered better results than we originally anticipated."
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