MSC Industrial Direct Co. Inc., Melville, NY, No. 13 on MDM's top 40 industrial distributors, reported sales for its fiscal 2010 third quarter ended May 29, 2010, were up 28.5 percent to $450.4 million from the prior-year period. For the third quarter, the industrial distributor reported profit of $44.2 million, an increase of 59.4 percent from the prior year.
| We Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
Sales for the first nine months of fiscal 2010 were $1.231 billion, up from $1.135 billion in the year-ago period. Profit year-to-date was $106.3 million, up from last year.
President and CEO David Sandler said: "Given our experience in past downturns and our deep understanding of how these times impact local and regional competitors in our fragmented market, we believed in our plan and the share gains it would produce. … Although there remains significant uncertainty relating to the economic environment and the current recovery, we are confident that our growth in market share will continue to accelerate.”
COO Erik Gershwind said that customer inventory levels of MRO products have increased from the last quarter, but remain well below historical levels. "We are seeing what we describe as cautious restocking among our customers, with an overall level of caution and a desire to run lean and preserve cash," he said.
