Shares of MSC Industrial Direct Co. (MSM) dropped 4.0% in premarket trading Wednesday after the metalworking and maintenance, repair and operations (MRO) company reported a fiscal second-quarter profit that topped expectations but sales that fell shy. Net income for the quarter to Feb. 27 declined to $18.1 million, or 32 cents a share, from $55.5 million, or $1.00 a share, in the year-ago period. Excluding nonrecurring items, such as $30 million in personal protective equipment (PPE) write-downs, adjusted earnings per share rose to $1.03 from $1.02, above the FactSet consensus of $1.02. Sales fell 1.5% to $774.0 million, missing the FactSet consensus of $778.8 million. "The improving environment and continued execution of our growth and cost take-out programs are combining to position us well," said Chief Executive Erik Gershwind. "We are now emerging as a stronger company and are poised to reaccelerate growth." The stock, which closed at a near 3-year high on Monday, has rallied 8.6% year to date through Tuesday, while the S&P 500 has advanced 8.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 07, 2021 06:45 ET (10:45 GMT)
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