Metalworking and MRO distributor MSC Industrial Supply on Wednesday reported a 10.7% increase in sales during its most recent fiscal quarter.
The company highlighted net sales of $958.6 million in its fiscal third quarter, up from $866.3 million during the same period last year. Income from operations increased 6.4% to $136.8 million over that span, while its operating margin slid from 14.8% in the previous third quarter to 14.3% in the latest window.
Diluted earnings per share rose from $1.67 to $1.78.
MSC President and CEO Erik Gershwind said the latest quarter reflected continued momentum for the company.
“We achieved double-digit average daily sales growth, roughly 500 basis points above the Industrial Production index,” Gershwind said in a statement. “We grew gross margins sequentially and year over year thanks to strong price realization in an inflationary environment. Finally, and most notably, we translated top line growth into significant operating leverage and adjusted operating margin expansion.”
Company officials said they expected double-digit growth in average daily sales to continue in the fourth quarter of the fiscal year and to complete the year “in the top scenario of our fiscal 2022 annual framework.”