The 2020 Mid-Year Economic Update_long

MSC Sales Up 3.5% in 3Q

Company's profit falls 2.1 percent for the quarter.

MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, a distributor of metalworking and MRO supplies, reported sales for the fiscal third quarter ended May 30 of $745.5 million, up 3.5 percent year-over-year. Profit for the quarter decreased 2.1 percent to $63.3 million.

"Our organic growth for the third quarter was in line with our guidance and reflected the continued impact of the soft pricing environment and the lingering effects of the rapid change in oil prices, softening export demand, and foreign exchange headwinds, all of which continue to drag on broader manufacturing activity," said CEO Erik Gershwind. "Between the large and fragmented MRO marketplace where large customers are consolidating their spend, the positive impact that lower energy prices will have on U.S. manufacturing, and our actions to strategically grow our business in value-added, high-retention market segments, I have great confidence that we are well positioned."

Fiscal year-to-date sales were $2.2 billion, up 5.9 percent over the prior-year period. Profit decreased 0.6 percent to $172.3 million.

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