MSC Industrial Supply Co. (NYSE: MSM), North American distributors of metalworking and maintenance, repair and operations products and services, announced its fourth quarter and fiscal year financial results for 2022.
In the fourth quarter, net sales were $1 billion, an increase of 23% compared to the prior-year period. MSC saw average daily sales growth of approximately 10 percentage points above the Industrial Production index, and adjusted net income was $100 million.
Sales for the 2022 fiscal year were $3.7 billion, a 13.8% improvement. Adjusted net income for the fiscal year was $344.7 million, a 27.7% increase from the prior fiscal year.
“We ended fiscal 2022 on a strong note as we executed across our growth initiatives and delivered another quarter of double-digit average daily sales growth. This continued momentum translated into average daily sales growth of 14% for our fiscal fourth quarter, well above our goal of exceeding the IP index by 400 basis points,” MSC President and CEO Erik Gershwind said.