Industrial tools and supplies distributor MSC Industrial Direct (MSM) - Get Report on Wednesday reported fiscal third-quarter earnings that fell short of Wall Street forecasts and also lowered its guidance amid sluggish sales.
The Melville, New York-based company said it earned $79.6 million, or $1.44 a share, in its fiscal third quarter, vs. $79.1 million, or $1.39 a share, in the comparable year-earlier quarter.
Adjusted for costs related to mergers and acquisitions, per-share earnings came in at $1.45, still less than the $1.50 a share expected by analysts polled by FactSet. Sales for the quarter were $866.5 million, below FactSet estimates of $882.8 million.
The company did, however, raise its dividend to 75 cents a share, representing a 19% increase. The dividend is payable on Aug. 6, to shareholders of record as of July 23.
For the current quarter ending in August, MSC Industrial said it expects revenue in the range of $835 million to $851 million. Analysts surveyed by Zacks had expected revenue of $885.9 million.
Shares of MSC Industrial were down 0.79% at $71.70 in premarket trading on Wednesday. The shares have fallen about 6% since the start of the year, and about 15% over the past 12 months.