MSC Industrial Direct Co. Inc. (NYSE:MSM) reported third quarter earnings before market open today, that came in line with street view.
On a GAAP basis, MSM reported net income of $ 79.07 million or $ 1.39 per share, compared with income of $ 62.84 million or $ 1.09 per share, a year ago period.
Excluding special items, the company announced non-gaap net income of $ 78.81 million or $ 1.39 per share.
Headquartered in Melville, New York, MSM recorded net sales that rose 11% to $ 828.35 million from $ 743.92 million in the same quarter last year.
Analysts polled by Thomson Reuters expected MSC Industrial Direct Co. Inc. to reveal income of $ 1.39 per share on revenue of $ 834.18 million for the third quarter.
Erik Gershwind, President and CEO, said, The manufacturing environment in the third fiscal quarter was healthy, and the pricing environment sustained, with positive price/cost in the quarter. We continued to deliver gross margin stability, and our ongoing productivity efforts resulted in operating margin expansion.
Gershwind concluded, While our fourth quarter organic growth guidance falls short of my expectations for performance in this environment, I expect a return to more typical organic growth levels after a couple of quarters as we complete our sales force effectiveness initiatives and expand our sales team.
Moving forward, Melville, New York based company expects 4Q18 earnings of $1.26 to $1.32 per share, while net sales for the same period to be $829 million to $844 million.