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MSC Industrial Direct Posts Steep 2Q Profit Drop
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MSM
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MELVILLE, N.Y. (AP) — MSC Industrial Direct Co., which distributes maintenance and repair supplies, said Thursday its fiscal second-quarter profit fell 45 percent due to the deteriorating economy, though it still beat Wall Street expectations.
The Melville, N.Y., company also offered third-quarter profit and revenue guidance that was below analysts' estimates. Its shares rose 10 percent in midday trading.
MSC Industrial earned $26.3 million, or 42 cents per share, in the three months ended Feb. 28, down from $47.5 million, or 73 cents per share, in the year-ago period. ...
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