MSC Industrial Reports Fiscal 2021 Second Quarter Results
MSC Industrial Direct reported Q2 fiscal 2021 results with net sales of $774.0 million, down 1.5% year-over-year. Operating income was $28.0 million, significantly impacted by inventory write-downs. The operating margin decreased to 3.6% from 9.9% last year. Diluted EPS was $0.32, a 68% decline compared to $1.00 in Q2 FY20. However, adjusted diluted EPS rose slightly to $1.03. The company aims for $90 million to $100 million in gross cost savings by FY23, signaling a focus on improving operational performance.
- Adjusted diluted EPS increased by 1.0% to $1.03 from $1.02 in the prior year quarter.
- Operating expenses as a percentage of sales improved by 30 basis points to 31.7%.
- Mission Critical program achieved $9 million in gross cost savings, on track for $25 million this fiscal year.
- Net sales decreased by 1.5% year-over-year, indicating ongoing revenue challenges.
- Operating income dropped by 63.9% to $28.0 million from $77.7 million in the prior year.
- Diluted EPS fell by 68% compared to last year's figure of $1.00.
MELVILLE, N.Y. and DAVIDSON, N.C., April 7, 2021 /PRNewswire/ --
FISCAL 2021 Q2 HIGHLIGHTS
- Net sales of
$774.0 million , a1.5% decrease from the prior year quarter - Operating income of
$28.0 million , or$80.5 million excluding$30.1 million in inventory write-downs,$21.6 million in restructuring costs, and$0.8 million in other charges1 - Operating margin of
3.6% , or10.4% excluding the adjustments described above1 - Diluted EPS of
$0.32 ; vs.$1.00 in the prior year quarter - Adjusted diluted EPS of
$1.03 vs.$1.02 in the prior year quarter1
MSC INDUSTRIAL DIRECT CO., INC. (NYSE: MSM), "MSC Industrial" or the "Company", a leading North American distributor of metalworking and maintenance, repair and operations (MRO) products and services, today reported financial results for its fiscal 2021 second quarter ended February 27, 2021.
Financial Highlights2 | FY21 Q2 | FY20 Q2 | Change | FY21 YTD | FY20 YTD | Change | ||||||
Net Sales | - | - | ||||||||||
Income from Operations | - | - | ||||||||||
Operating Margin | ||||||||||||
Net Income attributable to MSC Industrial | - | - | ||||||||||
Diluted EPS | - | - | ||||||||||
Adjusted Financial Highlights1,2 | FY21 Q2 | FY20 Q2 | Change | FY21 YTD | FY20 YTD | Change | ||||||
Unadjusted Net Sales | - | - | ||||||||||
Adjusted Income from Operations | - | |||||||||||
Adjusted Operating Margin | ||||||||||||
Adjusted Net Income attributable to MSC Industrial | - | |||||||||||
Adjusted Diluted EPS | - |
1 Represents a non-GAAP financial measure. An explanation and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented in schedules accompanying this press release. |
2 In millions except percentages and per share data or as otherwise noted. |
3 Based on 56.1 million and 56.0 million diluted shares outstanding for FY21 Q2 and FY21 YTD respectively. |
4 Based on 55.6 million and 55.5 million diluted shares outstanding for FY20 Q2 and FY20 YTD respectively. |
Erik Gershwind, President and Chief Executive Officer, said, "Our fiscal second quarter reflected solid execution in a choppy, but improving environment. Improvement in sales levels of our non-safety and non-janitorial product lines continued through the quarter and turned positive in March. Sales of our safety and janitorial products grew in the mid-teens. Execution of our Mission Critical initiatives was solid, and I am pleased with the progress that we are making with our share capture programs."
Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Average daily sales were
Gershwind concluded, "The improving environment and continued execution of our growth and cost take-out programs are combining to position us well. We are now emerging as a stronger company and are poised to reaccelerate growth. We have strengthened our value proposition, with more to come, and further strengthened and extended our leadership position in our core business of Metalworking. We are well on-track to achieve our goals of growing 400 basis points above the Industrial Production Index and returning ROIC back to the high teens by the end of fiscal 2023."
Conference Call Information
MSC Industrial will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2021 second quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).
An online archive of the broadcast will be available until April 14, 2021.
The Company's reporting date for fiscal 2021 third quarter results is scheduled for July 7, 2021.
About MSC Industrial Direct Co., Inc. MSC Industrial Direct Co., Inc. (NYSE: MSM) is a leading North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 1.9 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries.
Our experienced team of more than 6,200 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow.
For more information on MSC Industrial, please visit mscdirect.com.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about the future impact of COVID-19 on our business operations, results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words "will,", "may," "believes," "anticipates," "thinks," "expects," "estimates," "plans," "intends," and similar expressions are intended to identify forward looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this press release does not constitute an admission by MSC Industrial or any other person that the events or circumstances described in such statement are material. Factors that could cause actual results to differ materially from those in forward-looking statements include the following, many of which are and will be amplified by the COVID-19 pandemic: the effects of the COVID-19 pandemic, including any future resurgences, on our business operations, results of operations and financial condition; general economic conditions in the markets in which we operate; changing customer and product mixes; competition, including the adoption by competitors of aggressive pricing strategies and sales methods; industry consolidation and other changes in the industrial distribution sector; our ability to realize the expected benefits from our investment and strategic plans, including our transition from a spot-buy supplier to a mission-critical partner; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; retention of key personnel and qualified sales and customer service personnel and metalworking specialists; volatility in commodity and energy prices; the outcome of government or regulatory proceedings or future litigation; credit risk of our customers; risk of customer cancellation or rescheduling of orders; difficulties in calibrating customer demand for our products, in particular personal protective equipment or "PPE" products, which could cause an inability to sell excess products ordered from manufacturers resulting in inventory write-downs or could conversely cause inventory shortages of such products; work stoppages or other business interruptions (including those due to extreme weather conditions) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; disruptions or breaches of our information systems, or violations of data privacy laws; risk of loss of key suppliers, key brands or supply chain disruptions; changes to trade policies, including the impact from significant restrictions or tariffs; risks associated with opening or expanding our customer fulfillment centers; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; our ability to maintain our credit facilities; interest rate uncertainty due to LIBOR reform; failure to comply with applicable environmental, health and safety laws and regulations; ability to estimate the cost of healthcare claims incurred under our self-insurance plan; and goodwill and intangible assets recorded as a result of our acquisitions could be impaired. Additional information concerning these and other risks described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual and quarterly reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the U.S. Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||
Condensed Consolidated Balance Sheets | |||||
(In thousands) | |||||
February 27, | August 29, | ||||
2021 | 2020 | ||||
ASSETS | (unaudited) | ||||
Current Assets: | |||||
Cash and cash equivalents | $ | 20,242 | $ | 125,211 | |
Accounts receivable, net of allowance for credit losses | 527,233 | 491,743 | |||
Inventories | 532,536 | 543,106 | |||
Prepaid expenses and other current assets | 105,342 | 77,710 | |||
Total current assets | 1,185,353 | 1,237,770 | |||
Property, plant and equipment, net | 293,342 | 301,979 | |||
Goodwill | 678,406 | 677,579 | |||
Identifiable intangibles, net | 99,756 | 104,873 | |||
Operating lease assets | 41,758 | 56,173 | |||
Other assets | 3,626 | 4,056 | |||
Total assets | $ | 2,302,241 | $ | 2,382,430 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Liabilities: | |||||
Current portion of debt including obligations under finance leases | $ | 222,680 | $ | 122,248 | |
Current portion of operating lease liabilities | 19,956 | 21,815 | |||
Accounts payable | 170,487 | 125,775 | |||
Accrued expenses and other current liabilities | 140,091 | 138,895 | |||
Total current liabilities | 553,214 | 408,733 | |||
Long-term debt including obligations under finance leases | 461,685 | 497,018 | |||
Noncurrent operating lease liabilities | 37,640 | 34,379 | |||
Deferred income taxes and tax uncertainties | 121,721 | 121,727 | |||
Other noncurrent liabilities | 9,444 | — | |||
Total liabilities | 1,183,704 | 1,061,857 | |||
Commitments and Contingencies | |||||
Shareholders' Equity: | |||||
Preferred Stock | — | — | |||
Class A Common Stock | 48 | 47 | |||
Class B Common Stock | 9 | 10 | |||
Additional paid-in capital | 712,750 | 690,739 | |||
Retained earnings | 523,757 | 749,515 | |||
Accumulated other comprehensive loss | (18,806) | (21,418) | |||
Class A treasury stock, at cost | (105,645) | (103,948) | |||
Total MSC Industrial shareholders' equity | 1,112,113 | 1,314,945 | |||
Noncontrolling interest | $ | 6,424 | $ | 5,628 | |
Total shareholders' equity | 1,118,537 | 1,320,573 | |||
Total liabilities and shareholders' equity | $ | 2,302,241 | $ | 2,382,430 |
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||||||||
Condensed Consolidated Statements of Income | |||||||||||
(In thousands, except per share data) | |||||||||||
(Unaudited) | |||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||
February 27, | February 29, | February 27, | February 29, | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net sales | $ | 773,995 | $ | 786,094 | $ | 1,545,899 | $ | 1,609,695 | |||
Cost of goods sold | 479,244 | 455,042 | 927,830 | 931,447 | |||||||
Gross profit | 294,751 | 331,052 | 618,069 | 678,248 | |||||||
Operating expenses | 245,115 | 251,441 | 483,820 | 505,768 | |||||||
Impairment loss | - | - | 26,726 | - | |||||||
Restructuring costs | 21,615 | 1,941 | 25,594 | 4,512 | |||||||
Income from operations | 28,021 | 77,670 | 81,929 | 167,968 | |||||||
Other income (expense): | |||||||||||
Interest expense | (3,580) | (3,495) | (6,936) | (6,666) | |||||||
Interest income | 16 | 68 | 37 | 78 | |||||||
Other income (expense), net | (58) | (70) | 593 | 51 | |||||||
Total other expense | (3,622) | (3,497) | (6,306) | (6,537) | |||||||
Income before provision for income taxes | 24,399 | 74,173 | 75,623 | 161,431 | |||||||
Provision for income taxes | 6,051 | 18,617 | 18,498 | 40,423 | |||||||
Net income | 18,348 | 55,556 | 57,125 | 121,008 | |||||||
Less: Net income attributable to noncontrolling interest | 263 | 56 | 586 | 90 | |||||||
Net income attributable to MSC Industrial | $ | 18,085 | $ | 55,500 | $ | 56,539 | $ | 120,918 | |||
Per share data attributable to MSC Industrial: | |||||||||||
Net income per common share: | |||||||||||
Basic | $ | 0.32 | $ | 1.00 | $ | 1.01 | $ | 2.18 | |||
Diluted | $ | 0.32 | $ | 1.00 | $ | 1.01 | $ | 2.18 | |||
Weighted-average shares used in computing net income per common share: | |||||||||||
Basic | 55,838 | 55,467 | 55,749 | 55,371 | |||||||
Diluted | 56,133 | 55,587 | 56,019 | 55,545 |
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||||||||
Condensed Consolidated Statements of Comprehensive Income | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||
February 27, | February 29, | February 27, | February 29, | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net income, as reported | $ | 18,348 | $ | 55,556 | $ | 57,125 | $ | 121,008 | |||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation adjustments | 626 | (788) | 2,822 | 818 | |||||||
Comprehensive income | 18,974 | 54,768 | 59,947 | 121,826 | |||||||
Comprehensive income attributable to noncontrolling interest: | |||||||||||
Net income | (263) | (56) | (586) | (90) | |||||||
Foreign currency translation adjustments | 251 | 45 | (210) | (95) | |||||||
Comprehensive income attributable to MSC Industrial | $ | 18,962 | $ | 54,757 | $ | 59,151 | $ | 121,641 |
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||
Condensed Consolidated Statements of Cash Flows | |||||
(In thousands) | |||||
(Unaudited) | |||||
Twenty-Six Weeks Ended | |||||
February 27, | February 29, | ||||
2021 | 2020 | ||||
Cash Flows from Operating Activities: | |||||
Net income | $ | 57,125 | $ | 121,008 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 34,571 | 34,313 | |||
Non-cash operating lease cost | 7,537 | 11,061 | |||
Stock-based compensation | 8,994 | 8,178 | |||
Loss on disposal of property, plant and equipment | 345 | 227 | |||
Inventory write-down | 30,091 | — | |||
Operating lease and fixed asset impairment due to restructuring | 18,097 | — | |||
Provision for credit losses | 4,280 | 4,704 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (39,421) | (2,105) | |||
Inventories | (18,647) | 3,449 | |||
Prepaid expenses and other current assets | (27,214) | (7,953) | |||
Operating lease liabilities | (9,074) | (10,931) | |||
Other assets | 494 | 1,375 | |||
Accounts payable and accrued liabilities | 51,756 | (7,511) | |||
Total adjustments | 61,809 | 34,807 | |||
Net cash provided by operating activities | 118,934 | 155,815 | |||
Cash Flows from Investing Activities: | |||||
Expenditures for property, plant and equipment | (19,954) | (25,737) | |||
Cash used in business acquisitions, net of cash acquired | — | (2,286) | |||
Net cash used in investing activities | (19,954) | (28,023) | |||
Cash Flows from Financing Activities: | |||||
Repurchases of common stock | (3,519) | (3,208) | |||
Payments of regular cash dividends | (83,685) | (83,181) | |||
Payments of special cash dividends | (195,351) | (277,634) | |||
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan | 2,040 | 2,202 | |||
Proceeds from exercise of Class A Common Stock options | 10,834 | 13,390 | |||
Borrowings under credit facilities | 415,000 | 389,600 | |||
Borrowings under financing obligations | 1,269 | — | |||
Payments under credit facilities | (350,000) | (156,000) | |||
Contributions from non-controlling interest | — | 105 | |||
Other, net | (1,392) | (696) | |||
Net cash used in financing activities | (204,804) | (115,422) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | 855 | 211 | |||
Net increase (decrease) in cash and cash equivalents | (104,969) | 12,581 | |||
Cash and cash equivalents – beginning of period | 125,211 | 32,286 | |||
Cash and cash equivalents – end of period | $ | 20,242 | $ | 44,867 | |
Supplemental Disclosure of Cash Flow Information: | |||||
Cash paid for income taxes | $ | 41,265 | $ | 37,286 | |
Cash paid for interest | $ | 6,606 | $ | 5,636 |
Non-GAAP Financial Measures
- Results Excluding Impairment Loss, Restructuring Costs, Inventory Write-downs, and Other Charges
To supplement MSC Industrial's unaudited selected financial data presented consistent with accounting principles generally accepted in the United States ("GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude impairment losses, restructuring costs, inventory write-downs related to certain PPE inventory, and other related costs and tax effects.
These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures and should only be used to evaluate MSC Industrial's results of operations in conjunction with the corresponding GAAP financial measures.
In calculating non-GAAP financial measures, we exclude impairment losses, restructuring costs, inventory write-downs related to certain PPE inventory, and other related costs and tax effects. Management makes these adjustments to facilitate a review of the Company's operating performance on a comparable basis between periods, for comparison with forecasts and strategic plans, for identifying and analyzing trends in the Company's underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | ||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | ||||||||||||||
Thirteen Weeks Ended February 27, 2021 | ||||||||||||||
(dollars in thousands, except percentages and per share data) | ||||||||||||||
GAAP Financial | Items Affecting Comparability | Non-GAAP | ||||||||||||
Total MSC | Inventory | Restructuring | Legal Costs- | Adjusted Total | ||||||||||
Net Sales | $ | 773,995 | $ | - | $ | - | $ | - | $ | 773,995 | ||||
Cost of Goods Sold | 479,244 | 30,091 | - | - | 449,153 | |||||||||
Gross Profit | 294,751 | (30,091) | - | - | 324,842 | |||||||||
Gross Margin | - | - | - | |||||||||||
Operating Expenses | 245,115 | - | - | 727 | 244,388 | |||||||||
Operating Exp as % of Sales | - | - | ||||||||||||
Restructuring Costs | 21,615 | - | 21,615 | - | - | |||||||||
Income from Operations | 28,021 | (30,091) | (21,615) | (727) | 80,454 | |||||||||
Operating Margin | - | - | - | |||||||||||
Total Other Expense | (3,622) | - | - | - | (3,622) | |||||||||
Income before provision for income taxes | 24,399 | (30,091) | (21,615) | (727) | 76,832 | |||||||||
Provision for income taxes | 6,051 | (7,432) | (5,339) | (180) | 19,002 | |||||||||
Net income | 18,348 | (22,659) | (16,276) | (547) | 57,830 | |||||||||
Net income attributable to noncontrolling interest | 263 | - | - | - | 263 | |||||||||
Net income attributable to MSC Industrial | $ | 18,085 | $ | (22,659) | $ | (16,276) | $ | (547) | $ | 57,567 | ||||
Net income per common share: | ||||||||||||||
Diluted | $ | 0.32 | $ | (0.40) | $ | (0.29) | $ | (0.01) | $ | 1.03 |
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||
Twenty-Six Weeks Ended February 27, 2021 | |||||||||||||||||
(dollars in thousands, except percentages and per share data) | |||||||||||||||||
GAAP | Items Affecting Comparability | Non-GAAP | |||||||||||||||
Total MSC | Inventory | Restructuring | Impairment | Legal Costs - | Adjusted Total | ||||||||||||
Net Sales | $ | 1,545,899 | $ | - | $ | - | $ | - | $ | - | $ | 1,545,899 | |||||
Cost of Goods Sold | 927,830 | 30,091 | - | - | - | 897,739 | |||||||||||
Gross Profit | 618,069 | (30,091) | - | - | - | 648,160 | |||||||||||
Gross Margin | - | - | - | - | |||||||||||||
Operating Expenses | 483,820 | - | - | - | 1,020 | 482,800 | |||||||||||
Operating Exp as % of Sales | - | - | - | ||||||||||||||
Impairment Loss | 26,726 | - | - | 26,726 | - | - | |||||||||||
Restructuring Costs | 25,594 | - | 25,594 | - | - | - | |||||||||||
Income from Operations | 81,929 | (30,091) | (25,594) | (26,726) | (1,020) | 165,360 | |||||||||||
Operating Margin | - | - | - | - | |||||||||||||
Total Other Expense | (6,306) | - | - | - | - | (6,306) | |||||||||||
Income before provision for income taxes | 75,623 | (30,091) | (25,594) | (26,726) | (1,020) | 159,054 | |||||||||||
Provision for income taxes | 18,498 | (7,432) | (6,322) | (6,601) | (252) | 39,105 | |||||||||||
Net income | 57,125 | (22,659) | (19,272) | (20,125) | (768) | 119,949 | |||||||||||
Net income attributable to noncontrolling interest | 586 | - | - | - | - | 586 | |||||||||||
Net income attributable to MSC Industrial | $ | 56,539 | $ | (22,659) | $ | (19,272) | $ | (20,125) | $ | (768) | $ | 119,363 | |||||
Net income per common share: | |||||||||||||||||
Diluted | $ | 1.01 | $ | (0.40) | $ | (0.34) | $ | (0.36) | $ | (0.01) | $ | 2.13 |
MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES | |||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||
Thirteen and Twenty-Six Weeks Ended February 29, 2020 | |||||||||||||||||
(dollars in thousands, except percentages and per share data) | |||||||||||||||||
GAAP Financial Measure | Items Affecting Comparability 1 | Non-GAAP Financial Measure | |||||||||||||||
Total MSC Industrial | Restructuring Costs | MSC Industrial excluding | |||||||||||||||
Thirteen | Twenty-Six | Thirteen | Twenty-Six | Thirteen | Twenty-Six | ||||||||||||
February 29, 2020 | February 29, 2020 | February 29, 2020 | |||||||||||||||
Net Sales | $ | 786,094 | $ | 1,609,695 | $ | - | $ | - | $ | 786,094 | $ | 1,609,695 | |||||
Cost of Goods Sold | 455,042 | 931,447 | - | - | 455,042 | 931,447 | |||||||||||
Gross Profit | 331,052 | 678,248 | - | - | 331,052 | 678,248 | |||||||||||
Gross Margin | - | - | |||||||||||||||
Operating Expenses | 251,441 | 505,768 | 251,441 | 505,768 | |||||||||||||
Operating Exp as % of Sales | - | - | |||||||||||||||
Restructuring Costs | 1,941 | 4,512 | 1,941 | 4,512 | - | - | |||||||||||
Income from Operations | 77,670 | 167,968 | (1,941) | (4,512) | 79,611 | 172,480 | |||||||||||
Operating Margin | - | - | |||||||||||||||
Total Other Expense | (3,497) | (6,537) | - | - | (3,497) | (6,537) | |||||||||||
Income before provision for income taxes | 74,173 | 161,431 | (1,941) | (4,512) | 76,114 | 165,943 | |||||||||||
Provision for income taxes | 18,617 | 40,423 | (487) | (1,128) | 19,104 | 41,551 | |||||||||||
Net income | 55,556 | 121,008 | (1,454) | (3,384) | 57,010 | 124,392 | |||||||||||
Net income attributable to noncontrolling interest | 56 | 90 | - | - | 56 | 90 | |||||||||||
Net income attributable to MSC Industrial | $ | 55,500 | $ | 120,918 | $ | (1,454) | $ | (3,384) | $ | 56,954 | $ | 124,302 | |||||
Net income per common share: | |||||||||||||||||
Diluted | $ | 1.00 | $ | 2.18 | $ | (0.03) | $ | (0.06) | $ | 1.02 | $ | 2.24 |
1Prior period adjustments include only restructuring costs. Items of note excluded from the current period results, including inventory write-downs, an impairment loss and associated legal costs, did not occur in the prior year periods. |
View original content to download multimedia:http://www.prnewswire.com/news-releases/msc-industrial-reports-fiscal-2021-second-quarter-results-301263670.html
SOURCE MSC Industrial Supply Co.
FAQ
What were MSC Industrial's Q2 fiscal 2021 earnings results?
How is MSC Industrial's operational performance for Q2 FY21?
What cost savings has MSC Industrial achieved?
What is MSC Industrial's guidance for cost savings?