MELVILLE, N.Y. (AP) — MSC Industrial Direct Co. Inc. said Thursday that its profit rose 25.8 percent in its fiscal first quarter on stronger sales.
Company President and Chief Operating Officer Erik Gershwind said the results reflect a "moderate growth environment as customers are generally more optimistic as activity levels remain solid."
The Melville, N.Y., distributor of metalworking, maintenance, repair and operations supplies reported net income of $59.8 million, or 95 cents per share, for the three months ended Nov. 26. That compares with earnings of $47.6 million, or 75 cents per share, for the same part of 2010.
Revenue rose 15.4 percent to $545.7 million from $472.8 million a year ago.
Analysts had expected earnings of 93 cents per share on revenue of $545.1 million, according to FactSet.
MSC Industrial said that it expects to earn between 92 cents and 96 cents per share in the second quarter on revenue of between $548 million and $560 million. Analysts expect earnings of 92 cents per share on revenue of $539.1 million.
Its shares fell 33 cents to $72.06 in morning trading.
