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 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.
MSC Industrial Supply Co. (NYSE: MSM) has declared a special cash dividend of $3.50 per share, payable on December 15, 2020, to shareholders of record as of December 1, 2020. The ex-dividend date is set for November 30, 2020. This special dividend will require approximately $195 million, mainly funded through the company's revolving credit facility. Despite this financial maneuver, MSC maintains a healthy balance sheet and anticipates strong cash flow generation, although this action may moderately increase its leverage ratio.
MSC Industrial Supply Co. reported Q4 2020 net sales of $747.7 million, down 11.3% year-over-year. Operating income decreased to $72.9 million, reflecting a 19.4% decline compared to the previous year. Diluted EPS fell to $0.94 from $1.20. For the full fiscal year 2020, net sales totaled $3.2 billion, a 5.1% decrease. Adjusted diluted EPS for FY20 was $4.74, down from $5.29. The company highlighted a challenging industrial demand environment amid COVID-19 but noted growth in safety and janitorial product sales.
MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM) has declared a cash dividend of $0.75 per share, payable on November 24, 2020. Shareholders of record as of November 10, 2020 will receive the dividend. The ex-dividend date is set for November 9, 2020. MSC continues to support its shareholders while providing industrial supply solutions across North America, leveraging over 75 years of expertise. This dividend demonstrates MSC's commitment to shareholder value amidst a challenging economic environment.
MSC Industrial Supply Co. (NYSE: MSM) has launched MSC MillMax, a new service aimed at enhancing milling productivity and reducing costs for industrial customers. This service utilizes proprietary impact testing equipment and software to optimize milling performance on CNC machine tools. MSC's specialists can quickly recommend tools and provide documented cost savings, significantly cutting down downtime and improving productivity. The initiative was developed in collaboration with the U.S. Department of Energy's Oak Ridge National Laboratory to boost U.S. manufacturing competitiveness.
MSC Industrial Supply Co. (NYSE: MSM) reported preliminary fiscal results for August 2020, noting net sales of $240.3 million, a 9.7% decline year-over-year. For the fiscal fourth quarter, net sales reached $747.7 million, a decrease of 12.7%, while full-year net sales totaled $3,192.4 million, down 5.1%. The results reflect ongoing challenges due to COVID-19, affecting manufacturing activity. Average daily sales improved month-over-month, with non-safety products seeing a mid-teen decline in sales compared to last year.
MSC Industrial Supply Co. (NYSE: MSM) has appointed Rudina Seseri to its Board of Directors, effective immediately. Seseri, founder of Glasswing Ventures, brings over 17 years of experience in technology and venture capital, specializing in AI and enterprise software. The addition of Seseri aims to enhance MSC's digital transformation initiatives, aligning with the company's commitment to improving customer experience. She will serve on the Compensation and Nominating & Corporate Governance Committees and is eligible for election at the annual meeting in January 2021.
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