MSC Industrial's Revenue Slips With Global Slowdown

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On January 8, 2009, MSC Industrial Direct (MSM Quote), a distributor of industrial tools, reported that its net income during Q1 FY09 dropped 3.8% to $45.10 million or $0.72 per share, compared to $46.87 million or $0.70 per share in Q1 FY08. The latest quarterly earnings beat the consensus estimate of $0.67 per share.

During the quarter under review, revenue slipped 1.0% to $433.02 million from $437.55 million in the prior year's quarter as a result of the slowdown in the global economy. This decrease consisted of a core business decline of $28.00 million, partially offset by $15.00 million of increased pricing and $8.50 million related to the growth of the company's large account customer programs. ...