MSC Industrial Direct, Inc., Melville, NY, distributor of MRO supplies to industrial customers in the U.S., reported sales for the fiscal 2006 were $1.32 billion, a 19.8% increase over fiscal 2005. Profit was $136.4 million, an increase of 21.5%. Results are for fiscal year 2006 ended Aug. 26, 2006.
Net sales for the fourth quarter were $385.9 million, an increase of 39.4% from $276.8 million in the fiscal 2005 fourth quarter. J & L Industrial Supply contributed $67.9 million in sales in the fourth quarter. Profit for the fourth quarter rose 21% to $34.1 million versus $28.2 million in the year-ago period.
‘This was an excellent year for MSC that concluded with another strong quarter for our Company, id=bwanpa11>’ stated David Sandler, president and CEO. id=bwanpa12>’Our strong execution resulted in better than anticipated operating margins during the fourth quarter, excluding non-recurring acquisition-related charges. We continued to see solid demand across all of our markets, while our successful efforts to expand our presence on the West Coast resulted in strong growth in that region. The integration of J & L continued on plan and on budget during the quarter. Based on our solid progress to date, we expect to achieve the forecasted $20 million in margin improvements and operating synergies that we had originally anticipated.
‘We remain very well positioned to gain market share and grow as we continue to execute on our operating strategy. The recently reported ISM index is lower than in previous months and may be indicative of a deceleration of growth in the overall economy. During the first seven weeks of fiscal 2007, we experienced slightly slower sales growth than we had seen in the fourth quarter of fiscal 2006.’
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