MSC Industrial 1Q results beat Street
MSC Industrial 1st-quarter profit slips but adjusted results top analysts' expectations
NEWS: MSC Industrial Direct Co. said Wednesday that its fiscal first-quarter net income fell 7 percent as it dealt with acquisition-related costs and higher operating expenses.
The company's adjusted profit and revenue topped analysts' estimates, and its share rose in afternoon trading.
DETAILS: MSC, which distributes metalworking and maintenance, repair and operations supplies to industrial customers in North America, reported its operating expenses climbed to $218.1 million from $162.7 million.
NUMBERS: For the period ended Nov. 30, MSC earned $59 million, or 93 cents per share. That compares with $63.2 million, or $1 per share, a year ago.
Excluding costs related to its acquisition of Barnes Distribution North America and other items, earnings were 99 cents per share.
Revenue climbed 18 percent to $678.5 million from $577.5 million, helped by the Barnes Distribution North America acquisition.
Analysts surveyed by FactSet expected earnings of 95 cents per share on revenue of $669 million.
FUTURE: MSC foresees second-quarter adjusted earnings between 83 cents and 87 cents per share on revenue in a range of $660 million to $672 million. Analysts predict earnings of 92 cents per share on revenue of $671.3 million.
STOCK: The shares gained $2.77, or 3.4 percent, to $84.18 in afternoon trading.