Analyst Note| Brian Bernard, CFA, CPA |
MSC Industrial's fiscal second-quarter GAAP earnings were clouded by a $30 million inventory write-down and a $22 million restructuring charge. Excluding these charges, MSC reported solid adjusted profitability on an improving top line. Revenue declined 1.5% year over year to $774 million, which was much improved from the 6% decline last quarter. Excluding charges, adjusted operating margin expanded 30 basis points to 10.4%.