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MSC Industrial Direct Co Inc Class A MSM

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Morningstar’s Analysis

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MSC's Fiscal Q2 Results Were Solid After Looking Past Charges; We Expect a Nice Second-Half Rebound

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%.

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Company Profile

Business Description

MSC Industrial Direct is a value-added industrial distributor with a focus on metalworking and maintenance, repair, and operations products and services. The company offers 1.9 million products through a distribution network of almost 100 branches and 12 fulfillment centers. Although MSC has a presence in Canada, Mexico, and the United Kingdom, it primarily operates in the United States. In fiscal 2020, 95% of the firm’s $3.2 billion of sales was generated in the U.S.

75 Maxess Road
Melville, NY, 11747
T +1 516 812-2000
Sector Industrials
Industry Industrial Distribution
Most Recent Earnings Feb 28, 2021
Fiscal Year End Aug 31, 2021
Stock Type High Yield
Employees 6,315