- MSC Industrial Direct Co Inc MSM reported third-quarter FY22 sales growth of 10.7% year-over-year to $958.6 million, missing the consensus of $960.52 million.
- Gross margin expanded 60 bps to 42.9%. Operating income increased 6.4% Y/Y to $136.8 million, and margin contracted by 50 bps to 14.3%, while adjusted operating margin expanded by 200 bps to 14.6%.
- Adjusted EPS increased 28.2% Y/Y to $1.82, beating the consensus of $1.74.
- MSC Industrial generated cash from operating activities YTD of $135.3 million, compared to $139.36 million a year ago.
- It held cash and equivalents of $28.84 million as of May 28, 2022.
- MSM achieved double-digit average daily sales growth, roughly 500 bps above the Industrial Production (IP) index.
- The company expects double-digit average daily sales growth to continue in Q4.
- "We are encouraged with progress on our Mission Critical journey and, in fact, are ahead of schedule against our primary goals for fiscal 2023 - to grow revenues at least 400 basis points above the IP index and to restore ROIC into the high teens," commented CEO Erik Gershwind.
- Price Action: MSM shares closed lower by 3.96% at $73.56 on Tuesday.
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