MSC Industrial Direct Co. Inc. Announces Unaudited Consolidated Earnings Results for the Thirteen Weeks previous Ended December 1, 2012; Provides Earnings Guidance for the Second Quarter of Fiscal 2013
January 10, 2013 at 12:30 pm
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MSC Industrial Direct Co. Inc. announced unaudited consolidated earnings results for the thirteen weeks previous ended December 1, 2012. The company's net sales for the first quarter of fiscal 2013 were $577.5 million, an increase of 5.8% over net sales of $545.7 million in the first quarter of fiscal 2012. Excluding non-recurring costs of $1.3 million associated with the previously announced co-location of the company's headquarters in Davidson, North Carolina, adjusted operating income for the fiscal 2013 first quarter was $103.7 million, or 18.0% of net sales, compared to $96.8 million, or 17.7% of net sales in the same quarter a year ago. GAAP operating income for the fiscal 2013 first quarter was $102.4 million. Excluding the after tax effects of these non-recurring costs, adjusted net income for the first quarter of fiscal 2013 rose 7.0% to $64.0 million, or $1.01 per diluted share (based on 62.7 million diluted shares outstanding), compared to $59.8 million, or $0.95 per diluted share, a year ago (based on 62.6 million diluted shares outstanding). GAAP net income for the first quarter of fiscal 2013 was $63.2 million, or $1.00 per diluted share. Income from operations was $102,352,000 against $96,824,000 a year ago. Income before provision for income taxes was $102,327,000 against $96,824,000 a year ago. Net cash provided by operating activities was $89,369,000 against $46,192,000 a year ago. Expenditures for property, plant and equipment were $16,993,000 against $8,271,000 a year ago.
Based on a continuation of current market conditions, for the fiscal 2013 second quarter, the company expects net sales to be between $563 million and $575 million reflecting projected average daily sales growth of 1.0% at the midpoint. Excluding non-recurring costs related to the co-location of the company's headquarters in Davidson, North Carolina, the company expects adjusted diluted earnings per share for the second quarter of fiscal 2013 to be between $0.86 and $0.90. Guidance reflects the soft demand environment and the lack of a mid-year price adjustment. The company expects these non-recurring costs to have a minimal impact on its GAAP diluted earnings per share in the fiscal second quarter.
MSC Industrial Direct Co., Inc. is a North American distributor of a range of metalworking and maintenance, repair and operations (MRO) products and services. Its range of MRO products includes cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components and electrical supplies. It serves a range of customers throughout the United States, Canada, Mexico, and the United Kingdom, from individual machine shops to manufacturing companies to government agencies, such as the United States General Services Administration and the United States Department of Defense. It operates a network of six customer fulfillment centers, 10 regional inventory centers and 41 warehouses. The Company's customer fulfillment centers have various locations in the United States.
MSC Industrial Direct Co. Inc. Announces Unaudited Consolidated Earnings Results for the Thirteen Weeks previous Ended December 1, 2012; Provides Earnings Guidance for the Second Quarter of Fiscal 2013