MSC profit rises on higher sales

Industrial tools cataloger MSC Industrial Direct Co. (NYSE: MSM) reported a 58% rise on fiscal first-quarter income based on a 12% hike in sales.

For the three months ended Nov. 30, MSC had net income of $125 million on sales of $210.7 million. For the previous first quarter, it had netted $7.9 million on sales of $188.6 million.

Looking ahead, MSC said that lower-than-expected December sales have limited the company’s visibility on the second quarter, but that January sales are performing closer to its expectations. The Melville, NY-based company said it expects to earn $0.16-$0.18 per share for the quarter on revenue of $205 million-$210 million.

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