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 support our growth and adding new locations on the West Coast as we continue our expansion strategy in that region.”
MSC Industrial Direct distributes more than 500,000 industrial products to about 342,000 customers throughout the United States.