MSC Industrial Direct Company Inc. (MSM) announced its first-quarter earnings, which, while lower than the previous year, surpassed Wall Street expectations.
The company reported a net income of $46.62 million, or $0.83 per share, compared to $69.35 million, or $1.22 per share, during the same period last year.
Excluding extraordinary items, MSC Industrial Direct achieved an adjusted net income of $48.39 million, or $0.86 per share, for the quarter.
According to data from Thomson Reuters, analysts had forecasted earnings of $0.73 per share, typically excluding any special items.
The company's quarterly revenue experienced a 2.7% dip, dropping to $928.48 million from last year's $953.97 million.
Summary of MSC Industrial Direct Company Inc.'s first-quarter performance (GAAP):
- Earnings: $46.62 million vs. $69.35 million year-over-year
- Earnings per share (EPS): $0.83 vs. $1.22 year-over-year
- Revenue: $928.48 million vs. $953.97 million year-over-year
