MSC Industrial Direct reports jump in sales
Stock of MSC Industrial Direct Co., Long Island's seventh-largest public company in terms of revenue, jumped after Chase bought nearly 4 million of Melville company's shares. Credit: Newsday / J. Conrad Williams Jr.
MSC Industrial Direct Co., a Long Island based distributor of industrial tools and supplies, Wednesday reported a 19 percent jump in sales.
Revenue at the Melville company rose to $635.3 million during June, July and August, compared to the same period last year. Net income for the fourth quarter climbed 16 percent, to $68.9 million, or $1.10 per share.
“Despite an increasingly difficult demand environment, we delivered solid results in the fourth quarter and for the year,” said MSC president and chief operating officer Erik Gershwind, who takes over as chief executive on Jan. 1.
MSC benefitted from having 14 weeks in its fourth quarter this year, compared to 13 in the company’s final quarter of 2011. Average daily sales for the quarter, however, were up 10.4 percent.
The company’s performance beat the expectations of analysts, who had forecast it would hit $632.8 million in sales. MSC’s stock was up 3.6 percent in early trading, to $73.27 per share.
MSC has 4,636 full-time employees, including 688 on Long Island.
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