MSC Industrial ends Q3 with $221 million debt, $25 million cash

By Lisa Kerner

Charlotte, N.C., July 7 – MSC Industrial Supply Co. ended its fiscal third quarter on May 30 with cash and cash equivalents of about $25 million and long-term net, net of current maturities, of about $221 million.

This compares to $47 million and $240 million, respectively, at Aug. 30, 2014, according to the company’s earnings news release.

MSC’s organic growth for the quarter was in line with guidance, but did reflect the impact of the soft pricing environment as well as the “lingering effects of the rapid change in oil prices, softening export demand, and foreign exchange headwinds,” according to president and chief executive officer Erik Gershwind.

Earnings per share were above the company’s guidance range, driven by actions taken by the company to manage expenses, said chief financial officer Jeff Kaczka.

The company had net sales of $745.5 million for the quarter, up 3.5% from the prior-year period, and adjusted diluted earnings per share $1.03.

Looking ahead to the fiscal fourth quarter, MSC expects net sales to be between $735 million and $747 million. Adjusted diluted earnings per share of between $0.93 and $0.97, the release stated.

MSC is a Melville, N.Y.-based distributor of a broad range of industrial products to industrial customers.

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