There are certainly plenty of valid economic indicators that say conditions today are not strong – whether its high unemployment, stagnant wage growth, poor housing prices, or low interest rates. At the same time, it's not all bleak. Plenty of industrial companies have continued to post robust earnings and indicators like ISM and rail traffic have been modestly positive. It's interesting, then, is that an industrial supply company like MSC Industrial Direct (NYSE: MSM) is enjoying some of the best operating performance of its corporate history against a such a mixed backdrop.
A Solid Start To The Year
MSC Industrial posted first-quarter results that met the midpoint on revenue, but showed a little bit extra on the bottom line. Revenue grew more than 15% this quarter, with a recent acquisition chipping in about 2.5% growth (meaning organic growth was just under 13%). Sales to manufacturing customers were even stronger, growing almost 20% and making up nearly three-quarters of sales. Sales growth to non-manufacturing customers was less impressive, up just about 4%, as expected declines in sales to government buyers weighed on results.
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A Supposedly Soft Economy Isn't Holding MSC Industrial Back
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