MSC Industrial Direct Earnings Up 12.4% in 1Q 2006
MSC Industrial Direct Co., Melville, NY, a distributor of MRO supplies to industrial customers in the U.S., reported its earnings were up 12.4% in the first quarter of its fiscal year 2006. Profit was up 22.9%.
For the first quarter of fiscal 2006, net sales rose to $295.9 million from net sales of $263.3 million in the fiscal 2005 first quarter. Net income for the fiscal 2006 first quarter was $31.9 million versus $26 million in the year-ago period, an increase of 22.9%.
'We maintained our focus on cost management and saw operating margins rise to 17.4% in the quarter from 15.9% a year ago,' said President and CEO David Sandler. 'We were able to achieve this margin improvement while also executing on our growth strategy, further strengthening our sales force to ...