MELVILLE, N.Y. (AP) â¿¿ MSC Industrial Direct Co. said Thursday its profit climbed 60 percent in its fiscal third quarter as revenue climbed and demand improved for the metalworking and maintenance, repair and operation supplies it distributes to industrial customers. "We are seeing what we describe as cautious restocking among our customers, with an overall level of caution and a desire to run lean and preserve cash," said Erik Gerswind, chief operating officer. MSC Industrial said its net income rose to $44.2 million, or 69 cents per share, for the three months ended May 29 from $27.8 million, or 44 cents per share, a yeaar ago. Revenue rose 29 percent to $450.4 million from $350.5 million. Analysts polled by Thomson Reuters expected earnings of 66 cents on revenue of $445.1 million. The company forecast fourth-quarter net income of 61 cents to 65 cents per share on revenue of $446 million to $458 million. Analysts expect a profit of 63 cents on lower revenue of $434 million. Still, shares slumped as the general market dropped on worry over the economy and unemployment rate. The Dow Jones industrial average fell more than 100 points by midday. MSC Industrial shares fell $2.26, or 4.5 percent, to $48.40 in midday trading. The stock has traded between $34.06 and $57.96 during the past year.
More from Opinion
Adobe: Take Advantage of Bearishness to Buy a High-Quality Stock Cheaper
Valued at a reasonable P/E of about 35, Adobe looks like a compelling growth stock to own at current levels -- especially if post-earnings bearishness takes hold during the Wednesday trading session.
Schlumberger's Bull Case Gets Stronger With Saudi Oil Attacks
The oil supply disruption caused by the recent attacks in Saudi Arabia adds to a recovering international energy production environment and low valuations that make Schlumberger worth considering.
Why It's a Good Time to Consider Dividend-Paying Stocks
Mark Hulbert notes dividend-stock strategies may be out of favor, but these days, they can provide not only a higher yield but also growth potential.
Google Ordered by NLRB to Allow Employees to Speak Their Minds
Two employees were reprimanded and one terminated, one for posting negative comments on social media about management, the other allegedly for posting Republican views on a company message board.