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MSC Industrial Lowers '24 View Post Preliminary Q3 Results

MSC Industrial Direct Company, Inc. (NYSE: MSM) announced preliminary financial results for the third quarter of fiscal 2024 (ended Jun 1, 2024). The company also updated its fiscal 2024 outlook. MSM reported net sales of $978-$980 million for the third fiscal quarter, which indicates a year-over-year decline of 7.3-7.1%. MSC Industrial generated revenues of around $935 million in the second quarter of fiscal 2024. Average daily sales increased around 3% sequentially. Adjusted earnings per share for the third fiscal quarter are expected to be $1.32-$1.34, which suggests a decline from the $1.74 per share reported in the year-ago quarter. It posted second-quarter fiscal 2024 adjusted earnings per share of $1.18. The year-over-year downside was attributed to the ongoing weakness in heavy manufacturing and a slower than expected ramp at its core customer. The gross margin in the quarter was approximately 60 basis points lower than MSM's projections due to unfavorable product and customer ...