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Manufacturing Slump Hurts MSC Industrial: Q3 Disappoints On Weak Demand

MSC Industrial Direct Co., Inc. (NYSE:MSM) reported third-quarter FY24 net sales decline of 7.1% Y/Y to $979.4 million, missing the consensus of $1.014 billion. Adjusted EPS of $1.33, down 23.6% Y/Y, missed the consensus of $1.50. This compares to preliminary results announced last month for net sales of $978 million-$980 million and adjusted EPS of $1.32-$1.34. Average daily sales fell 7.1% Y/Y due to non-recurring Public Sector orders from the previous year and weakness in manufacturing sectors. Adjusted operating income declined 19.6% ...