MSC Industrial Supply Co. (NYSE: MSM), Melville, N.Y., a distributor of metalworking and maintenance, repair and operations products and services, announced its sales for its fiscal 2023 third quarter were $1.05 billion, up 10% from the prior-year period.
Don’t miss any content from Distribution Strategy Group. Join our list.
Profit for the quarter was $95.2 million, down 4.5% from the prior-year period.
MSC also reported sales for its first nine months were $2.97 billion, up 11.4% from the prior-year period. Profit for the first nine months was $255.6 million, up 8.5% from the prior-year period.
“Successful execution of our Mission Critical growth initiatives in the third quarter resulted in the fifth consecutive quarter of double-digit sales growth aided by robust Public Sector performance,” said Erik Gershwind, president and CEO. “We delivered average daily sales growth of nearly 12% and outperformed the IP index by double digits for the second consecutive quarter. Looking ahead and despite macro uncertainty, we expect to continue outperforming the IP index as we leverage MSC-specific momentum and strengthen our market position through strategic investments.”
