UPDATE: MSC Industrial Posts Rise In Q3 Profit, Issues Downbeat Q4 Forecast

MSC Industrial Direct Co

reported a rise in its third-quarter profit and issued downbeat earnings forecast for the current quarter. MSC Industrial projects Q4 earnings between $1.05 and $1.09 per share, versus analysts' estimates of $1.10 per share. MSC Industrial's net income for the third quarter climbed to $70.2 million, or $1.10 per share, versus $62.1 million, or $0.97 per share, in the year-ago period. Its sales gained 15% to $612 million. However, analysts were expecting earnings of $1.11 per share on revenue of $617.3 million. MSC Industrial shares gained 1.33% to $63.25 at 9:40 am.