Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, New York, on Wednesday reported sales of $866.3 million for its fiscal third quarter, which was a 3.8% increase over the same quarter a year ago. Quarterly profit was $94.4 million, a 21.5% increase compared to its third quarter last year.
MSC posted a net income of $1.68 per share, compared with $1.40 a share in the same quarter a year ago. Net income attributable to the company rose to $94.4 million, from $77.7 million last year.
“The economic environment improved significantly and most of our manufacturing end markets turned positive during our fiscal third quarter,” said Erik Gershwind, president and CEO at MSC. “Total company sales returned to growth and, while muted by PPE-related comparisons, our non-safety and non-janitorial product lines grew 21%. Execution on our Mission Critical initiatives continued at a high level and we have lifted our expectations both in terms of gross and net savings for fiscal 2021.”