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.
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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.