MSC Industrial Direct Has Dip In Revenue, Income
MSC Industrial Direct reported third-quarter 2009 net sales of $350.5 million, down from $457.2 million a year ago. The company’s net income dropped from $51.4 million to $27.8 million during the same period. The company’s third quarter ended May 30.
Net sales for the first nine months of fiscal 2009 were $1.14 billion, compared with net sales of $1.3 billion in the first nine months of fiscal 2008. Net income for the first nine months of fiscal 2009 was $99.1 million compared with $145.7 million in the prior year period.
“While our performance in the fiscal third quarter was better than anticipated, visibility remains limited as we continue to operate in one of the most severe economic downturns our industry has ever experienced,” president and CEO David Sandler said in a statement.
“Feedback from our customers indicates that market conditions have remained weak without any expected near-term improvement. As a result, we are anticipating summer shutdowns that will be more prevalent and longer in duration than last year,” Sandler added.
MSC Industrial Direct offers metalworking and maintenance, repair and operations supplies to industrial customers through a combination of approximately 27 million direct-mail catalogs and CD-ROMs, branch sales offices, salespeople, the Internet though business to business e-commerce portals.
