MSC Industrial Aims to Grow Market Share Despite Conditions
Product DetailsMSC Industrial Direct Co. Inc., distributor of metalworking and MRO supplies to industrial customers, reported sales for its fiscal 2009 first quarter were $433 million, down 1 percent from $437.6 million in the prior-year quarter.
Profit for the quarter was $45.1 million, down from $46.9 million. The distributor could not provide much guidance for future quarters, however. Our forecasting is about as cloudy as it's ever been, David Sandler, president and CEO, told analysts in MSC's quarterly earnings call.
Sandler said that customers reported conditions worsened substantially in the first quarter; very few customers are growing. He said that orders and revenues are down, and customers are reducing inventories. Shutdowns over the holiday were ...