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) announced it will host a conference call on July 7, 2021, at 8:30 a.m. ET to discuss its fiscal third quarter results. The call will be accessible live online and archived for later viewing. MSC is a leading distributor of metalworking and MRO products in North America, offering approximately 1.9 million products and a dedicated workforce of over 6,200 associates. Investors can access the webcast and operational statistics via the company's investor relations website.
On June 1, 2021, MSC Industrial Supply Co. (NYSE: MSM) announced the acquisition of a majority interest in Wm. F. Hurst Co., LLC, a Wichita-based distributor specializing in metalworking tools for the aerospace industry. The acquisition aims to enhance MSC's position in metalworking and expand its reach within the aerospace sector. Wm. F. Hurst will retain its branding and leadership under John Mullen. No financial details were disclosed, but the agreement will allow for the integration of MSC's extensive product range and supply chain solutions.
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.
On March 30, 2021, MSC Industrial Supply Co. (NYSE: MSM) announced a cash dividend of $0.75 per share, payable on April 27, 2021. Shareholders on record by the close of business on April 13, 2021 will be eligible, with an ex-dividend date set for April 12, 2021. MSC is a prominent distributor specializing in metalworking and maintenance products, offering approximately 1.9 million items and supply chain solutions to enhance customer productivity and profitability.
MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM) will host a live conference call on April 7, 2021, at 8:30 a.m. ET to discuss its fiscal Q2 results and current operations. Accessible via their website or by phone, the call will also be archived online for later viewing until April 14, 2021. MSC is a leading distributor of metalworking and MRO products, offering over 1.9 million products and solutions to enhance productivity for its customers across North America.
MSC Industrial Supply Co. (NYSE: MSM) announced a shift to virtual customer care hubs, closing 73 branch offices due to the pandemic. This will reduce costs by $15M to $18M annually starting in fiscal 2022. The restructuring includes a workforce reduction of about 115 positions but aims to enhance personalized support and innovation. MSC anticipates $21M to $25M in one-time costs related to these changes. CEO Erik Gershwind stated that these moves are part of a plan to capture market share and improve returns on invested capital by fiscal 2023.
MSC Industrial Supply reported fiscal Q1 2021 results with net sales of $771.9 million, down 6.3% year-over-year. Operating income decreased by 40.3% to $53.9 million, largely impacted by a $26.7 million impairment charge. Diluted EPS fell 41.5% to $0.69. Despite challenges, sales of non-jani products improved sequentially, with safety product sales up 20%. The company anticipates fiscal Q2 sales growth of 2.4% year-over-year, amid ongoing cost-reduction initiatives aiming for $90 million to $100 million by FY2023.
MSC Industrial Supply Co. (NYSE: MSM) has declared a cash dividend of $0.75 per share, payable on January 26, 2021, for shareholders of record by the close of business on January 12, 2021. The ex-dividend date is set for January 11, 2021. As a leading distributor of metalworking and MRO products across North America, MSC continues to support its customers' productivity and profitability with over 1.8 million products and extensive supply chain solutions.
MSC Industrial Supply Co. (NYSE: MSM) will host a conference call to discuss its 2021 fiscal first quarter results on January 6, 2021, at 8:30 a.m. Eastern Time. The call will be accessible via the internet, with an archive available for one week post-event. MSC is a leading distributor of metalworking and maintenance, repair, and operations (MRO) products, boasting over 1.8 million products and a dedicated workforce of 6,300 associates. The earnings release, webcast, and operational details will be accessible on their investor website.
MSC Industrial Supply Co. (NYSE: MSM) announced the relocation of its Long Island Customer Support Center to a smaller facility in Melville, NY. The new space, approximately 26,000 square feet, will be leased at 515 Broadhollow Road, with the move expected in late Spring 2021. The current 170,000-square-foot facility will be sold. The shift to a hybrid working model, prompted by the pandemic, aims to enhance employee flexibility and productivity. CEO Erik Gershwind emphasized the move as an opportunity to attract and retain talent while continuing to optimize business operations.
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