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MSC Industries Direct CEO Discusses F2Q12 Results - Earnings Call Transcript

During the economic turmoil of '08, we outlined our plan to heavily invest to take disproportionate market share and that by capitalizing on the land grab opportunity we would outperform the market by a significant margin that is exactly what is being seen in our results. We will continue to position MSC to win and to win big in this highly fragmented market.

As Erik will describe in more detail the drivers of our success will continue to be our organic growth programs in conjunction with the type of acquisitions you've seen for us over the past year or so. We believe that is the most effective way to capitalize on the enormous opportunity at this unique point in time.

Consequently we placed a priority on locking in share gains and penetration of customers. While that has created some near-term gross margin headwinds over the longer term we expect these headwinds to abate as these initiatives early successes become more mature. The time is opportune for us to continue building on our strong momentum with these initiatives as we increase our lead in metalworking and grow our business in adjacent product categories.

At this point I would like to provide some guidance for Q3. Currently we expect revenues to be between $610 million and $622 million and fully diluted earnings per share to be between $1.08 and $1.12.

Thanks everyone. I'll now turn the mike over to Erik.

Erik Gershwind

Thanks, David. We are very pleased with the execution of our growth plan. On the last earnings call, I outlined our longer term strategies starting with the big picture, our vision to be a $10 billion company.

Today, I'll provide the next level of granularity to our growth story. We view it as a journey and there are several benchmarks or milestones that we surpassed to reach our ultimate goal. Today, I'll provide more information about the next milestone.

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