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MSC Industrial Shares Drop on Earnings Miss

M. Corey Goldman

MSC Industrial stock fell $3.29, or about 4%, to $80.41 in early trading after the Melville, NY-based company posted net income of $68.4 million, or $1.24 a share, vs. $117.6 million, or $2.06 a share, in the comparable year-earlier period. Analysts surveyed by FactSet had been expecting earnings per share of $1.26 for the most recent quarter. Looking forward, MSC Industrial said it expects net sales for the third quarter of fiscal 2019 to be between $846 million and $863 million, excluding the acquisition of All Integrated Solutions, which it bought last year from private equity firm High Road Capital.