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MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, No. 13 on MDM's list of the top 40 industrial distributors, reported sales for its fiscal 2011 first quarter were up 22.9 percent to $472.8 million. Profit was $47.6 million, and increase of 51.4 percent over the prior-year period.
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David Sandler, president and CEO said: "Our first quarter results reflect strong performance in a highly competitive environment. We made solid progress executing on our strategic investment program designed to capitalize on the unique opportunity we see to leverage our model and fuel further market share gains. In addition, we recently completed the acquisition of Rutland Tool & Supply Co. which supports our growth strategy by further strengthening our presence in metalworking while also building out our presence in the Western U.S."
According to Erik Gershwind, COO, the distributor's results were driven by market share gains, the "resurgence of the U.S. manufacturing base" and strong performance within MSC's core customer base. "These factors more than offset some slowing in demand from government customers, who are feeling more financial restraints as their budgets remain under pressure," he said.