MELVILLE, N.Y. (AP) ¿ MSC Industrial Direct Co., which distributes maintenance and repair supplies, said Wednesday its fiscal fourth-quarter profit fell 49 percent as sales tumbled as a result of extended shutdowns at the company's customers. But the shutdowns weren't as bad as expected, and MSC's results beat analysts' predictions. The company also issued a strong first-quarter guidance. MSC shares rose $2.06, or 4.6 percent, to $47.38 in midday trading. They hit a 52-week high of $49.25 earlier in the day, eclipsing a previous peak of $46.84 set on Monday. For the quarter ended Aug. 29, MSC earned $26 million, or 41 cents per share, compared with $50.5 million, or 80 cents per share, in the same quarter last year. Sales dropped 21 percent to $354.1 million from $448.6 million. Analysts polled by Thomson Reuters expected a profit of 36 cents per share on $343.4 million in sales. MSC said that although the company experienced extended shutdowns by its customers during the period, they were not as severe as originally expected. As a result, the quarter's results were better than expected. For the full year 2009, MSC earned $125.1 million, or $2 per share, down from $196.2 million, or $3.04 per share, in fiscal 2008.
More from Technology
SEC Settles With Facebook Over Cambridge Analytica Scandal: Report
Full day of news related to Facebook and other tech companies -- over privacy issues, the SEC, the Federal Trade Commission and a Department of Justice investigation.
Roomba Vacuum Maker iRobot Blames U.S.-China Trade War for Lowered Guidance
Shares sink after hours as company says recently implemented 25% tariffs likely to constrain U.S. growth.
Amazon Reports Earnings on Thursday: 7 Important Things to Watch
The performance of Amazon's main reporting segments, its margin and spending growth and its commentary about antitrust probes are among the things for investors to watch.
Alphabet, Amazon, Facebook, Apple Slump After Hours on New DOJ Probe
The latest Justice Department investigation probing whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition.