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Nov 27, 2021
MSC Q1 2022 Earnings Report
MSC Industrial Supply Co. reported a strong start to fiscal year 2022 with increased sales and earnings.
Key Takeaways
MSC Industrial Supply Co. reported a 9.9% increase in net sales to $848.5 million and a diluted EPS of $1.18 for the first quarter of fiscal 2022. The company's average daily sales growth outpaced the Industrial Production Index, and adjusted diluted EPS reached $1.25, a 12.6% increase year-over-year. Management expects gross margins to bounce back in the fiscal second quarter and aims to keep them roughly flat for the full year.
Net sales increased by 9.9% year-over-year, reaching $848.5 million.
Average daily sales growth exceeded the Industrial Production Index by nearly 500 basis points.
Operating income was reported at $90.7 million, or $96.0 million excluding restructuring charges.
Diluted EPS increased to $1.18, with an adjusted diluted EPS of $1.25, a 12.6% increase year-over-year.
Forward Guidance
MSC Industrial Supply Co. anticipates low double-digit ADS growth for fiscal year 2022 and expects operating margins to potentially exceed the ranges within their annual operating margin framework.
Positive Outlook
- Momentum is building in our business
- Trending towards the higher end of our annual operating margin framework
- Low double-digit ADS growth is a possibility for fiscal 2022
- Operating margins would lift beyond the ranges in our annual operating margin framework
- On track to achieve our goals of growing sales by at least 400 basis points above the Industrial Production Index and returning ROIC to the high-teens by the end of fiscal 2023
Historical Earnings Impact
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Avg. Return Before/After Earnings
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