Welcome to our dedicated page for MSC Industrial Direct Co. news (Ticker: MSM), a resource for investors and traders seeking the latest updates and insights on MSC Industrial Direct Co. stock.
MSC Industrial Direct Co., Inc. (NYSE: MSM) is a leading distributor of metalworking and maintenance, repair, and operations (MRO) products and services in North America. With over 80 years of industry experience and approximately 2.4 million products in its portfolio, MSC helps businesses achieve higher productivity, profitability, and growth. The company operates primarily in the United States but also has a presence in Canada, Mexico, and the United Kingdom. In fiscal 2023, MSC generated $4.0 billion in sales, with 95% of those sales from the U.S.
MSC's experienced team of over 7,000 associates is committed to delivering value through inventory management, supply chain solutions, and deep industry expertise. The company has 11 fulfillment centers and offers a wide range of solutions, including vending, in-plant services, and vendor-managed inventory, to meet the diverse needs of its customers.
MSC Industrial Direct recently completed several strategic initiatives aimed at enhancing corporate governance and operational excellence. Notably, the company eliminated its dual-class share structure, aligning its voting rights and financial interests with all shareholders and broadening its investor appeal. The company also reported strong financial performance, exceeding $4 billion in annual sales for the first time, thanks to robust execution of its Mission Critical growth initiatives.
MSC's acquisition of intellectual property assets from Schmitz Manufacturing Research & Technology LLC (SMRT) further strengthens its technological capabilities in the machining industry. This acquisition is expected to drive innovation, reduce manufacturing costs, and improve productivity for MSC's customers.
Despite facing macroeconomic challenges, MSC continues to outperform market indices by leveraging its strategic investments and strong market position. The company remains focused on diversifying its end markets, expanding its solutions business, and maintaining high standards of corporate governance, making it a reliable partner for industrial customers.
MSC Industrial Supply Co. (NYSE: MSM) has received a proposal from its controlling shareholders, the Jacobson/Gershwind family, to exchange their high-voting Class B shares for Class A shares, aiming to eliminate the current dual-class share structure. The exchange ratio suggested is 1.35 Class A shares for each Class B share. A Special Committee of independent directors has been formed to evaluate the proposal, which requires approval from the Committee, the MSC Board, and a majority of Class A shareholders. There is no guarantee of a finalized transaction.
MSC Industrial Supply Co. (NYSE: MSM) has acquired Buckeye Industrial Supply Co. and Tru-Edge Grinding Inc., both based in Ohio, enhancing its position in the North American metalworking distribution market. The combined estimated revenue for Buckeye and Tru-Edge was $28 million in 2022, with 80 associates involved. This strategic acquisition aims to leverage Buckeye's customer relationships and Tru-Edge's manufacturing capabilities to expand MSC's product offerings and drive eCommerce sales through mscdirect.com, as well as improve customer cost savings.
MSC Industrial Supply reported fiscal 2023 Q1 net sales of $957.7 million, a 12.9% increase year-over-year. Operating income reached $116.0 million with an operating margin of 12.1%. Diluted EPS grew to $1.45 from $1.18 in the prior year. The company repurchased over 200,000 shares at an average price of $79.60. MSC reaffirmed its fiscal 2023 outlook, expecting adjusted operating margins between 12.7%-13.3% and average daily sales growth of 5.0%-9.0%.
MSC Industrial Supply Co. (NYSE: MSM) has declared a cash dividend of $0.79 per share, payable on January 24, 2023, to shareholders of record as of January 10, 2023. The ex-dividend date is set for January 9, 2023. This dividend declaration highlights MSC's commitment to return value to shareholders, reflecting a stable financial position. The company is a leading distributor of metalworking and maintenance, repair, and operations products across North America.
MSC Industrial Supply Co. (NYSE: MSM) announces a live webcast scheduled for January 5, 2023, at 8:30 a.m. ET to discuss its fiscal 2023 first-quarter results. The company provides MRO and metalworking products and services, aiming to enhance customer productivity and growth with approximately 2.1 million products. Investors can access the earnings release and presentation materials on the company's investor website. The call can be joined through various numbers, with an archived version available for one week post-event.
On December 1, 2022, MSC Industrial Supply Co. (NYSE: MSM) elected Rahquel Purcell to its Board of Directors. Purcell brings over 30 years of supply chain and digital experience, previously serving as Chief Transformation Officer at L'Oréal. Her tenure included roles overseeing significant operational units and contributing to L'Oréal's ESG strategy. MSC's leadership believes her customer-centric approach and operational expertise will enhance profitability and growth. This strategic addition aims to strengthen MSC's operational efficiencies and long-term success.
MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM) reported strong fiscal 2022 Q4 results with net sales of $1.0 billion, a 23% year-over-year increase. Operating income rose 57.8% to $144.0 million, yielding an operating margin of 14.1%. Diluted EPS jumped to $1.86, up from $1.18 in Q4 FY21. For the full year, net sales reached $3.7 billion, up 13.8%, with diluted EPS at $6.06, a 56.6% increase. The company expects continued growth and margin expansion in fiscal 2023.
MSC Industrial Supply Co. (NYSE: MSM) has declared a cash dividend of $0.79 per share, marking a 5% increase from the previous dividend of $0.75. This dividend is scheduled for payment on November 29, 2022 to shareholders of record by November 15, 2022, with the ex-dividend date set for November 14, 2022. The company, a leading distributor in the metalworking and MRO sectors, continues to support its shareholders while driving productivity and growth across North America.
MSC Industrial Supply Co. (NYSE: MSM) announced a conference call scheduled for October 20, 2022, at 8:30 a.m. ET to discuss its fiscal 2022 fourth quarter and full year results. The call will provide insights into the company's current operations and will be accessible via a live broadcast on the internet. Interested participants can also dial in directly. An archive of the call will be available shortly after its conclusion and will remain accessible until November 3, 2022. MSC is a prominent distributor of metalworking and MRO products in North America.
MSC Industrial Supply Co. (NYSE: MSM) announced Martina McIsaac as the new Executive Vice President and Chief Operating Officer, effective October 3, 2022. McIsaac brings extensive leadership experience from Hilti Corporation, where she led North America to strong growth. Her role will focus on enhancing day-to-day operations, including sales and supply chain management. Doug Jones will transition to a part-time advisory role as he approaches retirement after over 20 years at MSC. The company aims to achieve high levels of organic growth and develop a diverse leadership team.
FAQ
What is the current stock price of MSC Industrial Direct Co. (MSM)?
What is the market cap of MSC Industrial Direct Co. (MSM)?
What does MSC Industrial Direct Co., Inc. do?
Where does MSC Industrial Direct primarily operate?
How many products does MSC offer?
What recent governance changes has MSC implemented?
How did MSC perform financially in fiscal 2023?
What are some recent strategic initiatives by MSC?
How many fulfillment centers does MSC have?
What is the significance of MSC's Mission Critical growth initiatives?
How does MSC support its customers' growth and productivity?
What are MSC's future goals?
