MSC Industrial Reports Fiscal 2021 Third Quarter Results
MSC Industrial reported Q3 FY2021 net sales of $866.3 million, up 3.8% year-over-year. Net income reached $94.4 million, marking a 21.5% increase. Diluted EPS rose to $1.68 from $1.40 in the prior year. Operating income improved to $128.6 million, with an operating margin of 14.8%. Despite positive trends in manufacturing markets, year-to-date sales declined 1.3%. MSC anticipates increased gross savings of $40 million for FY2021 and plans to reinvest $25 million into growth initiatives.
- Net sales increased by 3.8% year-over-year to $866.3 million.
- Net income attributable to MSC Industrial rose to $94.4 million, a 21.5% increase.
- Diluted EPS improved to $1.68 from $1.40 in the prior year quarter.
- Achieved operating income of $128.6 million, reflecting a strong operating margin of 14.8%.
- Expected gross savings have increased to $40 million for FY2021.
- Year-to-date sales decreased by 1.3%, indicating a potential decline in market demand.
MELVILLE, N.Y. and DAVIDSON, N.C., July 7, 2021 /PRNewswire/ --
FISCAL 2021 Q3 HIGHLIGHTS
- Net sales of
$866.3 million , a3.8% increase from the prior year quarter (2.2% on an average daily sales basis) $20.8 million loss recovery related to the nitrile glove impairment originally recorded in the fiscal first quarter- Operating income of
$128.6 million , or$109.5 million excluding loss recovery, restructuring and other costs1 - Operating margin of
14.8% , or12.6% excluding the adjustments described above1 - Diluted EPS of
$1.68 vs.$1.40 in the prior year quarter; Adjusted diluted EPS of$1.42 , same as prior year1 - Repurchased 507,000 shares during the quarter
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 third quarter ended May 29, 2021.
Financial Highlights2 | FY21 Q3 | FY20 Q3 | Change | FY21 YTD | FY20 YTD | Change | ||||||
Net Sales | - | |||||||||||
Income from Operations | - | |||||||||||
Operating Margin | ||||||||||||
Net Income attributable to MSC | - | |||||||||||
Diluted EPS | 3 | 1.40 | 4 | 3 | 4 | - | ||||||
Adjusted Financial Highlights1,2 | FY21 Q3 | FY20 Q3 | Change | FY21 YTD | FY20 YTD | Change | ||||||
Unadjusted Net Sales | - | |||||||||||
Adjusted Income from Operations | - | - | ||||||||||
Adjusted Operating Margin | ||||||||||||
Adjusted Net Income attributable to | - | |||||||||||
Adjusted Diluted EPS | 3 | 4 | 3 | 4 | - |
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 56.4 million and 56.1 million diluted shares outstanding for FY21 Q3 and FY21 YTD respectively. |
4 Based on 55.6 million diluted shares outstanding for both FY20 Q3 and FY20 YTD. |
Erik Gershwind, President and Chief Executive Officer, said, "The economic environment improved significantly and most of our manufacturing end markets turned positive during our fiscal third quarter. Total company sales returned to growth and, while muted by PPE-related comparisons, our non-safety and non-janitorial product lines grew 21 percent. Execution on our Mission Critical initiatives continued at a high level and we have lifted our expectations both in terms of gross and net savings for fiscal 2021."
Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Average daily sales growth turned positive during our fiscal third quarter and was 2.2 percent. Solid execution of our March price increase contributed to a lift in our gross margin sequentially to 42.3 percent. On our Mission Critical programs, we delivered another
Gershwind concluded, "We are gaining steam internally and our end markets are strengthening. Strong execution on our Mission Critical initiatives will further support our share capture programs and deliver additional savings over the next two years and beyond. We remain on-track to achieve our goals of growing sales 400 basis points above the Industrial Production Index and returning ROIC 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 third 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 under the events section at http://investor.mscdirect.com for one year.
The Company's reporting date for fiscal 2021 fourth quarter and full year results is scheduled for October 20, 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 80 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 impact of the COVID-19 pandemic on our sales, operations and supply chain; general economic conditions in the markets in which we operate, including conditions resulting from the COVID-19 pandemic; 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 being a spot-buy supplier to a mission-critical partner to our customers; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; the retention of key personnel; volatility in commodity and energy prices; the credit risk of our customers, including changes in credit risk as a result of the COVID-19 pandemic; the 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, labor shortages or other business interruptions (including those due to extreme weather conditions or as a result of the COVID-19 pandemic) 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; the retention of qualified sales and customer service personnel and metalworking specialists; the risk of loss of key suppliers or key brands or supply chain disruptions, including due to import restrictions resulting from the COVID-19 pandemic; changes to governmental trade policies, including the impact from significant import restrictions or tariffs; risks related to opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; 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; the interest rate uncertainty due to the London Interbank Offered Rate ("LIBOR") reform; the failure to comply with applicable environmental, health and safety laws and regulations, including government action in response to the COVID-19 pandemic, and other laws applicable to our business; the outcome of government or regulatory proceedings or future litigation; goodwill and intangible assets recorded resulting from our acquisitions could be impaired; our common stock price may be volatile due to factors outside of our control; and our principal shareholders exercise significant control over us, which may result in our taking actions or failing to take actions that are in the best interests of other shareholders. Additional information concerning these and other risks is 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 DIRECT CO., INC. | |||||
May 29, | August 29, | ||||
2021 | 2020 | ||||
ASSETS | (Unaudited) | ||||
Current Assets: | |||||
Cash and cash equivalents | $ | 27,429 | $ | 125,211 | |
Accounts receivable, net of allowance for credit losses | 564,963 | 491,743 | |||
Inventories | 598,328 | 543,106 | |||
Prepaid expenses and other current assets | 116,947 | 77,710 | |||
Total current assets | 1,307,667 | 1,237,770 | |||
Property, plant and equipment, net | 296,200 | 301,979 | |||
Goodwill | 679,920 | 677,579 | |||
Identifiable intangibles, net | 97,610 | 104,873 | |||
Operating lease assets | 39,401 | 56,173 | |||
Other assets | 3,520 | 4,056 | |||
Total assets | $ | 2,424,318 | $ | 2,382,430 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current Liabilities: | |||||
Current portion of debt including obligations under finance leases | $ | 412,547 | $ | 122,248 | |
Current portion of operating lease liabilities | 14,570 | 21,815 | |||
Accounts payable | 195,858 | 125,775 | |||
Accrued expenses and other current liabilities | 145,841 | 138,895 | |||
Total current liabilities | 768,816 | 408,733 | |||
Long-term debt including obligations under finance leases | 346,458 | 497,018 | |||
Noncurrent operating lease liabilities | 26,008 | 34,379 | |||
Deferred income taxes and tax uncertainties | 121,715 | 121,727 | |||
Other noncurrent liabilities | 9,443 | — | |||
Total liabilities | 1,272,440 | 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 | 735,562 | 690,739 | |||
Retained earnings | 528,766 | 749,515 | |||
Accumulated other comprehensive loss | (14,780) | (21,418) | |||
Class A treasury stock, at cost | (104,951) | (103,948) | |||
Total MSC Industrial shareholders' equity | 1,144,654 | 1,314,945 | |||
Noncontrolling interest | $ | 7,224 | $ | 5,628 | |
Total shareholders' equity | 1,151,878 | 1,320,573 | |||
Total liabilities and shareholders' equity | $ | 2,424,318 | $ | 2,382,430 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||
May 29, | May 30, | May 29, | May 30, | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net sales | $ | 866,294 | $ | 834,972 | $ | 2,412,193 | $ | 2,444,667 | |||
Cost of goods sold | 499,823 | 481,010 | 1,427,653 | 1,412,457 | |||||||
Gross profit | 366,471 | 353,962 | 984,540 | 1,032,210 | |||||||
Operating expenses | 257,336 | 242,751 | 741,156 | 748,519 | |||||||
Impairment loss (loss recovery) | (20,840) | - | 5,886 | - | |||||||
Restructuring costs | 1,349 | 1,359 | 26,943 | 5,871 | |||||||
Income from operations | 128,626 | 109,852 | 210,555 | 277,820 | |||||||
Other income (expense): | |||||||||||
Interest expense | (3,696) | (5,451) | (10,632) | (12,117) | |||||||
Interest income | 15 | 173 | 52 | 251 | |||||||
Other income (expense), net | 1,131 | (560) | 1,724 | (509) | |||||||
Total other expense | (2,550) | (5,838) | (8,856) | (12,375) | |||||||
Income before provision for income taxes | 126,076 | 104,014 | 201,699 | 265,445 | |||||||
Provision for income taxes | 31,141 | 25,900 | 49,639 | 66,323 | |||||||
Net income | 94,935 | 78,114 | 152,060 | 199,122 | |||||||
Less: Net income attributable to noncontrolling interest | 501 | 411 | 1,087 | 501 | |||||||
Net income attributable to MSC Industrial | $ | 94,434 | $ | 77,703 | $ | 150,973 | $ | 198,621 | |||
Per share data attributable to MSC Industrial: | |||||||||||
Net income per common share: | |||||||||||
Basic | $ | 1.69 | $ | 1.40 | $ | 2.70 | $ | 3.58 | |||
Diluted | $ | 1.68 | $ | 1.40 | $ | 2.69 | $ | 3.57 | |||
Weighted-average shares used in computing net income per common share: | |||||||||||
Basic | 55,944 | 55,563 | 55,814 | 55,435 | |||||||
Diluted | 56,352 | 55,599 | 56,139 | 55,581 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||
May 29, | May 30, | May 29, | May 30, | ||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net income, as reported | $ | 94,935 | $ | 78,114 | $ | 152,060 | $ | 199,122 | |||
Other comprehensive income, net of tax: | |||||||||||
Foreign currency translation adjustments | 4,325 | (4,065) | 7,147 | (3,247) | |||||||
Comprehensive income | 99,260 | 74,049 | 159,207 | 195,875 | |||||||
Comprehensive income attributable to noncontrolling interest: | |||||||||||
Net income | (501) | (411) | (1,087) | (501) | |||||||
Foreign currency translation adjustments | (299) | 536 | (509) | 441 | |||||||
Comprehensive income attributable to MSC Industrial | $ | 98,460 | $ | 74,174 | $ | 157,611 | $ | 195,815 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||
Thirty-Nine Weeks Ended | |||||
May 29, | May 30, | ||||
2021 | 2020 | ||||
Cash Flows from Operating Activities: | |||||
Net income | $ | 152,060 | $ | 199,122 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 51,575 | 51,354 | |||
Non-cash operating lease cost | 11,650 | 16,852 | |||
Stock-based compensation | 13,407 | 12,463 | |||
Loss on disposal of property, plant and equipment | 460 | 278 | |||
Inventory write-down | 30,091 | — | |||
Operating lease and fixed asset impairment due to restructuring | 15,819 | — | |||
Provision for credit losses | 5,303 | 8,008 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (77,130) | (13,788) | |||
Inventories | (82,864) | (17,049) | |||
Prepaid expenses and other current assets | (38,658) | (17,082) | |||
Operating lease liabilities | (25,576) | (16,634) | |||
Other assets | 585 | 2,008 | |||
Accounts payable and accrued liabilities | 82,638 | (10,591) | |||
Total adjustments | (12,700) | 15,819 | |||
Net cash provided by operating activities | 139,360 | 214,941 | |||
Cash Flows from Investing Activities: | |||||
Expenditures for property, plant and equipment | (37,598) | (35,920) | |||
Cash used in business acquisitions, net of cash acquired | — | (2,286) | |||
Net cash used in investing activities | (37,598) | (38,206) | |||
Cash Flows from Financing Activities: | |||||
Repurchases of common stock | (50,700) | (3,236) | |||
Payments of regular cash dividends | (125,707) | (124,851) | |||
Payments of special cash dividends | (195,351) | (277,634) | |||
Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan | 3,112 | 3,287 | |||
Proceeds from exercise of Class A Common Stock options | 28,969 | 13,530 | |||
Borrowings under credit facilities | 505,000 | 1,012,200 | |||
Payments under credit facilities | (365,000) | (578,000) | |||
Proceeds from long-term debt | — | 100,000 | |||
Payments on finance lease and financing obligations | (1,896) | (1,629) | |||
Other, net | 1,286 | 1,162 | |||
Net cash provided by (used in) financing activities | (200,287) | 144,829 | |||
Effect of foreign exchange rate changes on cash and cash equivalents | 743 | (457) | |||
Net increase (decrease) in cash and cash equivalents | (97,782) | 321,107 | |||
Cash and cash equivalents – beginning of period | 125,211 | 32,286 | |||
Cash and cash equivalents – end of period | $ | 27,429 | $ | 353,393 | |
Supplemental Disclosure of Cash Flow Information: | |||||
Cash paid for income taxes | $ | 60,903 | $ | 39,672 | |
Cash paid for interest | $ | 8,776 | $ | 8,501 |
Non-GAAP Financial Measures
- Results Excluding Impairment Loss (Loss Recovery), 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 (loss recovery), 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 (loss recovery), 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 DIRECT CO., INC. | ||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | ||||||||||||||
Thirteen Weeks Ended May 29, 2021 | ||||||||||||||
(dollars in thousands, except percentages and per share data) | ||||||||||||||
GAAP Financial | Items Affecting Comparability | Non-GAAP | ||||||||||||
Total MSC | Impairment | Restructuring | Legal Costs- | Adjusted Total | ||||||||||
Net Sales | $ | 866,294 | $ | - | $ | - | $ | - | $ | 866,294 | ||||
Cost of Goods Sold | 499,823 | - | - | - | 499,823 | |||||||||
Gross Profit | 366,471 | - | - | - | 366,471 | |||||||||
Gross Margin | - | - | - | |||||||||||
Operating Expenses | 257,336 | - | - | 401 | 256,935 | |||||||||
Operating Exp as % of Sales | - | - | ||||||||||||
Impairment Loss (Loss Recovery) | (20,840) | (20,840) | - | - | - | |||||||||
Restructuring Costs | 1,349 | - | 1,349 | - | - | |||||||||
Income from Operations | 128,626 | 20,840 | (1,349) | (401) | 109,536 | |||||||||
Operating Margin | - | |||||||||||||
Total Other Expense | (2,550) | - | - | - | (2,550) | |||||||||
Income before provision for income taxes | 126,076 | 20,840 | (1,349) | (401) | 106,986 | |||||||||
Provision for income taxes | 31,141 | 5,263 | (341) | (100) | 26,319 | |||||||||
Net income | 94,935 | 15,577 | (1,008) | (301) | 80,667 | |||||||||
Net income attributable to noncontrolling interest | 501 | - | - | - | 501 | |||||||||
Net income attributable to MSC Industrial | $ | 94,434 | $ | 15,577 | $ | (1,008) | $ | (301) | $ | 80,166 | ||||
Net income per common share: | ||||||||||||||
Diluted | $ | 1.68 | $ | 0.28 | $ | (0.02) | $ | (0.01) | $ | 1.42 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||
Thirty-Nine Weeks Ended May 29, 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 | $ | 2,412,193 | $ | - | $ | - | $ | - | $ | - | $ | 2,412,193 | |||||
Cost of Goods Sold | 1,427,653 | 30,091 | - | - | - | 1,397,562 | |||||||||||
Gross Profit | 984,540 | (30,091) | - | - | - | 1,014,631 | |||||||||||
Gross Margin | - | - | - | - | |||||||||||||
Operating Expenses | 741,156 | - | - | - | 1,421 | 739,735 | |||||||||||
Operating Exp as % of Sales | - | - | - | ||||||||||||||
Impairment Loss | 5,886 | - | - | 5,886 | - | - | |||||||||||
Restructuring Costs | 26,943 | - | 26,943 | - | - | - | |||||||||||
Income from Operations | 210,555 | (30,091) | (26,943) | (5,886) | (1,421) | 274,896 | |||||||||||
Operating Margin | - | - | - | - | |||||||||||||
Total Other Expense | (8,856) | - | - | - | - | (8,856) | |||||||||||
Income before provision for income taxes | 201,699 | (30,091) | (26,943) | (5,886) | (1,421) | 266,040 | |||||||||||
Provision for income taxes | 49,639 | (7,392) | (6,620) | (1,446) | (349) | 65,446 | |||||||||||
Net income | 152,060 | (22,699) | (20,323) | (4,440) | (1,072) | 200,594 | |||||||||||
Net income attributable to noncontrolling interest | 1,087 | - | - | - | - | 1,087 | |||||||||||
Net income attributable to MSC Industrial | $ | 150,973 | $ | (22,699) | $ | (20,323) | $ | (4,440) | $ | (1,072) | $ | 199,507 | |||||
Net income per common share: | |||||||||||||||||
Diluted | $ | 2.69 | $ | (0.40) | $ | (0.36) | $ | (0.08) | $ | (0.02) | $ | 3.55 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||
Thirteen and Thirty-Nine Weeks Ended May 30, 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 Weeks Ended | Thirty-Nine Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||
May 30, 2020 | May 30, 2020 | May 30, 2020 | |||||||||||||||
Net Sales | $ | 834,972 | $ | 2,444,667 | $ | - | $ | - | $ | 834,972 | $ | 2,444,667 | |||||
Cost of Goods Sold | 481,010 | 1,412,457 | - | - | 481,010 | 1,412,457 | |||||||||||
Gross Profit | 353,962 | 1,032,210 | - | - | 353,962 | 1,032,210 | |||||||||||
Gross Margin | - | - | |||||||||||||||
Operating Expenses | 242,751 | 748,519 | 242,751 | 748,519 | |||||||||||||
Operating Exp as % of Sales | - | - | |||||||||||||||
Restructuring Costs | 1,359 | 5,871 | 1,359 | 5,871 | - | - | |||||||||||
Income from Operations | 109,852 | 277,820 | (1,359) | (5,871) | 111,211 | 283,691 | |||||||||||
Operating Margin | - | - | |||||||||||||||
Total Other Expense | (5,838) | (12,375) | - | - | (5,838) | (12,375) | |||||||||||
Income before provision for income taxes | 104,014 | 265,445 | (1,359) | (5,871) | 105,373 | 271,316 | |||||||||||
Provision for income taxes | 25,900 | 66,323 | (338) | (1,468) | 26,238 | 67,791 | |||||||||||
Net income | 78,114 | 199,122 | (1,021) | (4,403) | 79,135 | 203,525 | |||||||||||
Net income attributable to noncontrolling interest | 411 | 501 | - | - | 411 | 501 | |||||||||||
Net income attributable to MSC Industrial | $ | 77,703 | $ | 198,621 | $ | (1,021) | $ | (4,403) | $ | 78,724 | $ | 203,024 | |||||
Net income per common share: | |||||||||||||||||
Diluted | $ | 1.40 | $ | 3.57 | $ | (0.02) | $ | (0.08) | $ | 1.42 | $ | 3.65 | |||||
1The thirteen and thirty-nine weeks ended May 30, 2020 include only restructuring costs. Items of note excluded from the current period results, including inventory write-downs, an impairment loss (loss recovery) and associated legal costs, did not occur in the prior year periods. |
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SOURCE MSC Industrial Supply Co.
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