The company noted that while 2Q sales were disappointing, gross margin improvement stemmed from internal improvements.
Latest In MSC Industrial Supply Co.
Based in Mississauga, metalworking supplies distributor KAR had 2023 sales of about $16 million.
The figures signalled a bumpy period for fellow metalworking and MRO supplies distributors.
MachiningCloud users can now directly purchase tooling from MSC within the MachiningCloud application.
See the top latest accomplishments out of the metalworking and MRO supplies distributor's ESG efforts.
The Melville, New York-based MRO product and service distributor first announced its reclassification plan in June.
"The tone on the ground is one of leveling rather than significant declines,” said MSC CEO Erik Gershwind during a June 29 3Q earning call.
MRO and metalworking supplies distributor MSC Industrial Supply reported double-digit sales growth for the fifth consecutive quarter.
The company made the decision based on the recommendation of a special committee composed entirely of independent directors.
MRO product and service distributor MSC Industrial Supply Co. added Ryan Mills as the New York-based company's Head of Investor Relations.
The award honors members for their commitment to advancing the development and influence of women in the industrial supply channel.
MSC has agreed to be the exclusive eCommerce distributor for digital software platform MachiningCloud.
Double-digit year-over-year sales and profit gains continued for the distributor, for which eCommerce comprised 62% of quarterly sales.
Analysis of the latest M&A deals and exclusive results from the 4Q22 Baird-MDM Industrial Distribution Survey highlight January's report.
As a primer to MDM's Feb. 22-23 Virtual M&A Summit, we chat with MSC Industrial Supply leaders Erik Gershwind and Jim Drohan about the company's recently aggressive M&A strategy.
They mark the fourth and fifth bolt-ons for MSC in a 19-month span.
The distributor posted operating income of $116 million as it had yet another month with double-digit year-over-year quarterly sales growth.
On Dec. 1, MSC's board of directors elected Rahquel Purcell to serve as a director, effective immediately.
Mike Hockett analyzes the noticeably different levels of optimism in the commentary given by industrial distributors Fastenal and Motion in their third-quarter earnings calls.
Simultaneously, the company's current supply chain leader will transition responsibilities ahead of his planned retirement.