MSC Industrial Supply Company (NYSE: MSM), Melville, N.Y., and Davidson, N.C., a North American distributor of metalworking and maintenance, repair and operations (MRO) products and services, reported sales for its fiscal year ended Aug. 31, 2024, were $3.82 billion, down 4.7% from the prior year.
Don’t miss any content from Distribution Strategy Group. Join our list.
Profit for the fiscal year was $255.96 million.
Sales for the fourth quarter were $952.3 million, down 8% from the prior-year period. Profit for the quarter was $55.95 million.
“During our fiscal fourth quarter, we made important progress in our Mission Critical strategy despite a challenging macro environment, particularly in heavy manufacturing,” said Erik Gershwind, MSC’s CEO. “We sustained momentum in our high-touch solutions, made solid progress on our web enhancements, restored gross margin stability, added to our productivity pipeline and generated strong free cash flow.”
“Ongoing softness in the heavy manufacturing markets where we have significant exposure and headwinds from non-repeating orders in the prior year resulted in an average daily sales decline of 4.7% for the fiscal year,” said Kristen Actis-Grande, CFO. “Near-term visibility remains limited underpinned by uncertainty stemming from the upcoming election and sluggish customer activity levels entering the holiday season.”
