MELVILLE, N.Y. and DAVIDSON, N.C. — MSC Industrial Supply Co. on Wednesday reported financial results for its fiscal 2022 second quarter ended February 26, 2022.
The distributor of metalworking and MRO products and services announced net sales of $862.5 million, an increase of 11.4% — 7.9% on an average daily sales basis — compared to the prior fiscal year quarter.
The company reported a gross margin of 42.5% compared to 38.1%, or 42.0% on an adjusted basis, in the prior fiscal year quarter, and an operating margin of 11.3%, or 11.6%, excluding restructuring and other costs.
The results included diluted EPS of $1.25 compared to $0.32 in the prior fiscal year quarter, and adjusted diluted EPS of $1.29 compared to $1.03 in the prior fiscal year quarter — a 25.2% increase.
"I am excited by the growing momentum inside the company to accelerate market share capture and improve profitability. We achieved double-digit top-line growth despite COVID-related disruptions during the first two weeks of January," said MSC President and CEO Erik Gershwind. "Our growth initiatives are in high gear and the productivity improvements we deliver to our customers are resonating. Gross margin countermeasures, including a late January price increase, are working well and give us confidence that we can keep gross margins flat or better for full year fiscal 2022 versus fiscal 2021."
