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 second quarter ended March 2, 2024, were $935.3 million, down 2.7% from the prior-year period.
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Profit for the quarter was $61.8 million, down by 21.9%.
Year to date, sales were $1.88 billion, down 1.6%. Profit was $131.2 million.
“A slow start to the second quarter and continued softness in heavy manufacturing verticals resulted in our average daily sales declining 2.7% year-over-year,” said Kristen Actis-Grande, CFO.
“As we exit the first half of our fiscal year, our performance has been mixed. I am pleased with our solutions business that continues capturing market share. I am also pleased with how we are managing the business in a soft environment, as evidenced by strong gross margin performance and cash flow generation,” said Erik Gershwind, president and CEO. “However, our core customer growth rate has not yet improved in the face of a sluggish macro environment. We remain confident in our plan and pleased with the execution of our Mission Critical initiatives. As a result, we expect to see improvement during the back half of our fiscal year.”
