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 a live conference call on October 20, 2021, at 8:30 a.m. Eastern Time, to discuss its fiscal fourth quarter and full-year results. The call will be accessible via the company's website and through designated dial-in numbers.
This event aims to provide insights into MSC's operational performance and future initiatives. An archive of the broadcast will be available shortly after the call concludes, remaining accessible until October 27, 2021.
MSC Industrial Supply Co. (NYSE: MSM) has been recognized for the fifth consecutive year as one of the Best Places to Work in IT by IDG's Insider Pro and Computerworld, ranking No. 41 among large organizations. The recognition highlights MSC's commitment to challenging and rewarding career opportunities in IT, particularly during the global pandemic, where the IT team enabled safe remote work. The company continues to invest in advanced IT solutions including AI and big data analytics, enhancing benefits and compensation for its technical staff.
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.
MSC Industrial Supply Co. (NYSE: MSM) has announced a cash dividend of $0.75 per share, payable on July 27, 2021 to shareholders of record by July 13, 2021. The ex-dividend date is set for July 12, 2021. This decision reflects the company's commitment to returning value to its shareholders while continuing to support its operational growth and stability within the metalworking and MRO sectors.
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.
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