MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, reported sales for the fiscal 2014 first quarter ended Nov. 30, 2013, of $678.5 million, an increase of 17.5 percent compared to the same period a year ago. The recently acquired Barnes Distribution North America business contributed about $72.4 million to first-quarter sales.
Profit during the quarter was $59 million, a decrease of 6.6 percent compared to the same period a year ago. Excluding non-recurring costs of $5.8 million from the BDNA acquisition and the co-location of the company's headquarters, adjusted operating income was $102.5 million, or 15.1 percent of net sales, compared to $103.7 million, or 18 percent of net sales in the same quarter a year ago.
Erik Gershwind, president and CEO, said the manufacturing environment stabilized and began to show potential signs of improvement during the quarter. "We are executing on share gain programs that will fuel growth, particularly as manufacturing recovers."
Gershwind also said MSC is executing infrastructure initiatives that will support its next run of growth.
