Le Lézard
Classified in: Mining industry, Business, Covid-19 virus
Subject: ERN

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2022 THIRD QUARTER RESULTS


FISCAL 2022 Q3 HIGHLIGHTS

MELVILLE, N.Y. and DAVIDSON, N.C., June 29, 2022 /PRNewswire/ -- MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC," "MSC Industrial" or the "Company," a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services, today reported financial results for its fiscal 2022 third quarter ended May 28, 2022.














Financial Highlights3


FY22 Q3


FY21 Q3


Change


FY22 YTD


FY21 YTD


Change

Net Sales


$958.6


$866.3


10.7 %


$2,669.6


$2,412.2


10.7 %

Income from Operations


$136.8


$128.6


6.4 %


$324.7


$210.6


54.2 %

Operating Margin


14.3 %


14.8 %




12.2 %


8.7 %



Net Income Attributable to MSC Industrial


$99.7


$94.4


5.5 %


$235.7


$151.0


56.1 %

Diluted EPS


$1.78

4

$1.68

5

6.0 %


$4.21

4

$2.69

5

56.5 %

 














Adjusted Financial Highlights1,3


FY22 Q3


FY21 Q3


Change


FY22 YTD


FY21 YTD


Change

Net Sales


$958.6


$866.3


10.7 %


$2,669.6


$2,412.2


10.7 %

Income from Operations


$140.3


$109.5


28.1 %


$336.6


$274.9


22.5 %

Operating Margin


14.6 %


12.6 %




12.6 %


11.4 %



Net Income Attributable to MSC Industrial


$102.2


$80.2


27.5 %


$244.5


$199.5


22.5 %

Diluted EPS


$1.82

4

$1.42

5

28.2 %


$4.36

4

$3.55

5

22.8 %

1 Represents a non-GAAP financial measure and a reconciliation to the most directly comparable GAAP financial measure is presented in the schedules accompanying this press release.

2 Reflects severance and separation costs, consulting costs and exit-related costs to better align our strategy.

3 In millions except percentages and per share data or as otherwise noted.

4 Based on 56.1 million and 56.0 million weighted-average diluted shares outstanding for FY22 Q3 and FY22 YTD respectively.

5 Based on 56.4 million and 56.1 million weighted-average diluted shares outstanding for FY21 Q3 and FY21 YTD respectively.

Erik Gershwind, President and Chief Executive Officer, said, "Our fiscal third quarter is another proof point of the building momentum inside of our Company. We achieved double-digit average daily sales growth, roughly 500 basis points above the Industrial Production ("IP") index. We grew gross margins sequentially and year over year thanks to strong price realization in an inflationary environment. Finally, and most notably, we translated top line growth into significant operating leverage and adjusted operating margin expansion."

Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, "Double-digit sales growth, gross margin execution and productivity all combined to expand adjusted operating margin by 200 basis in the fiscal third quarter with an adjusted incremental margin in the thirties. Looking to the fiscal fourth quarter, we expect double-digit average daily sales growth to continue and to finish the year in the top scenario of our fiscal 2022 annual framework."

Gershwind concluded, "We are encouraged with progress on our Mission Critical journey and, in fact, are ahead of schedule against our primary goals for fiscal 2023 - to grow revenues at least 400 basis points above the IP index and to restore ROIC into the high teens. At the same time, we are not satisfied. We will look to build on recent momentum and to set our sights even higher in terms of market share capture and profitability improvements."

Conference Call Information
MSC will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2022 third quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).

An online archive of the broadcast will be available until July 6, 2022.

The Company's reporting date for fiscal 2022 fourth quarter and full year results is scheduled for October 20, 2022. 

About MSC Industrial Supply Co. 
MSC Industrial Supply Co. (NYSE: MSM) is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 2.0 million products, inventory management and other supply chain solutions, and deep expertise from over 80 years of working with customers across industries. Our experienced team of more than 6,500 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.

Cautionary Note Regarding Forward-Looking Statements: 
Statements in this press release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about the future impact of COVID-19 on our business operations, results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words "will," "may," "believes," "anticipates," "thinks," "expects," "estimates," "plans," "intends," and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, any statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management's assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, the following:  the impact of the COVID-19 pandemic on our sales, operations and supply chain; general economic conditions in the markets in which we operate, including conditions resulting from the COVID-19 pandemic; changing customer and product mixes; volatility in commodity and energy prices, the impact of prolonged periods of low, high, and rapid inflation, and fluctuations in interest rates; competition, including the adoption by competitors of aggressive pricing strategies and sales methods; industry consolidation and other changes in the industrial distribution sector; our ability to realize the expected benefits from our investment and strategic plans, including our transition from being a spot-buy supplier to a mission-critical partner to our customers; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; the retention of key personnel; the credit risk of our customers, including changes in credit risk as a result of the COVID-19 pandemic, higher inflation and fluctuations in interest rates; the risk of customer cancellation or rescheduling of orders; difficulties in calibrating customer demand for our products, in particular personal protective equipment or "PPE" products, which could cause an inability to sell excess products ordered from manufacturers resulting in inventory write-downs or could conversely cause inventory shortages of such products; work stoppages, labor shortages or other business interruptions (including those due to extreme weather conditions or as a result of the COVID-19 pandemic) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; disruptions or breaches of our information technology systems, or violations of data privacy laws; the retention of qualified sales and customer service personnel and metalworking specialists; the risk of loss of key suppliers or contractors or key brands or supply chain disruptions, including due to import restrictions resulting from the COVID-19 pandemic or global geopolitical conditions; changes to governmental trade or sanctions policies, including the impact from significant import restrictions or tariffs or moratoriums on economic activity with certain countries or regions; risks related to opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; our ability to maintain our credit facilities or incur additional borrowings on terms that we deem attractive; the interest rate uncertainty due to the London InterBank Offered Rate (LIBOR) reform; the failure to comply with applicable environmental, health and safety laws and regulations, including government action in response to the COVID-19 pandemic, and other laws applicable to our business; the outcome of government or regulatory proceedings or future litigation; goodwill and intangible assets recorded resulting from our acquisitions could be impaired; our common stock price may be volatile due to factors outside of our control; and our principal shareholders exercise significant control over us, which may result in our taking actions or failing to take actions which our other shareholders do not prefer. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the United States Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.

 

MSC INDUSTRIAL DIRECT CO., INC.

Condensed Consolidated Balance Sheets

(In thousands)



May 28,


August 28,


2022


2021

ASSETS


(unaudited)




Current Assets:






Cash and cash equivalents

$

28,847


$

40,536

Accounts receivable, net of allowance for credit losses


667,019



560,373

Inventories


679,516



624,169

Prepaid expenses and other current assets


92,178



89,167

Total current assets


1,467,560



1,314,245

Property, plant and equipment, net


299,143



298,416

Goodwill


692,668



692,704

Identifiable intangibles, net


93,422



101,854

Operating lease assets


58,854



49,011

Other assets


7,671



5,885

Total assets

$

2,619,318


$

2,462,115







LIABILITIES AND SHAREHOLDERS' EQUITY






Current Liabilities:






Current portion of debt including obligations under finance leases

$

250,904


$

202,433

Current portion of operating lease liabilities


16,464



13,927

Accounts payable


199,477



186,330

Accrued expenses and other current liabilities


152,961



159,238

Total current liabilities


619,806



561,928

Long-term debt including obligations under finance leases


539,050



583,616

Noncurrent operating lease liabilities


43,648



36,429

Deferred income taxes and tax uncertainties


108,849



108,827

Other noncurrent liabilities


?



9,443

Total liabilities


1,311,353



1,300,243

Commitments and Contingencies






Shareholders' Equity:






Preferred Stock


?



?

Class A Common Stock


48



48

Class B Common Stock


9



9

Additional paid-in capital


780,311



740,867

Retained earnings


641,444



532,315

Accumulated other comprehensive loss


(19,032)



(17,984)

Class A treasury stock, at cost


(106,655)



(104,384)

Total MSC shareholders' equity


1,296,125



1,150,871

Noncontrolling interest

$

11,840


$

11,001

Total shareholders' equity


1,307,965



1,161,872

Total liabilities and shareholders' equity

$

2,619,318


$

2,462,115

 

MSC INDUSTRIAL DIRECT CO., INC.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)



Thirteen Weeks Ended


Thirty-Nine Weeks Ended


May 28,


May 29,


May 28,


May 29,


2022


2021


2022


2021

Net sales

$

958,579


$

866,294


$

2,669,648


$

2,412,193

Cost of goods sold


547,430



499,823



1,539,628



1,427,653

Gross profit


411,149



366,471



1,130,020



984,540

Operating expenses


271,046



257,336



793,600



741,156

Impairment loss (loss recovery), net


?



(20,840)



?



5,886

Restructuring and other costs


3,267



1,349



11,684



26,943

Income from operations


136,836



128,626



324,736



210,555

Other income (expense):












Interest expense


(4,277)



(3,696)



(11,622)



(10,632)

Interest income


17



15



57



52

Other income, net


558



1,131



236



1,724

Total other expense


(3,702)



(2,550)



(11,329)



(8,856)

Income before provision for income taxes


133,134



126,076



313,407



201,699

Provision for income taxes


33,417



31,141



77,279



49,639

Net income


99,717



94,935



236,128



152,060

Less: Net income attributable to noncontrolling interest


60



501



473



1,087

Net income attributable to MSC Industrial

$

99,657


$

94,434


$

235,655


$

150,973

Per share data attributable to MSC Industrial:












Net income per common share:












Basic

$

1.78


$

1.69


$

4.23


$

2.70

Diluted

$

1.78


$

1.68


$

4.21


$

2.69

Weighted average shares used in computing
   net income per common share:












Basic


55,914



55,944



55,748



55,814

Diluted


56,106



56,352



56,019



56,139

 

MSC INDUSTRIAL DIRECT CO., INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)



Thirteen Weeks Ended


Thirty-Nine Weeks Ended


May 28,


May 29,


May 28,


May 29,


2022


2021


2022


2021

Net income, as reported

$

99,717


$

94,935


$

236,128


$

152,060

Other comprehensive income, net of tax:












   Foreign currency translation adjustments


542



4,325



(682)



7,147

Comprehensive income (1)


100,259



99,260



235,446



159,207

Comprehensive income attributable to noncontrolling interest:












   Net income


(60)



(501)



(473)



(1,087)

   Foreign currency translation adjustments


(453)



(299)



(366)



(509)

Comprehensive income attributable to MSC Industrial

$

99,746


$

98,460


$

234,607


$

157,611


(1) There were no material taxes associated with other comprehensive income during the thirteen- and thirty-nine-week periods ended May 28, 2022 and May 29, 2021.

 

MSC INDUSTRIAL DIRECT CO., INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)



Thirty-Nine Weeks Ended


May 28,


May 29,


2022


2021

Cash Flows from Operating Activities:






Net income

$

236,128


$

152,060

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization    


52,426



51,575

Non-cash operating lease cost


12,583



11,650

Stock-based compensation


14,559



13,407

Loss on disposal of property, plant and equipment


489



460

Inventory write-down


?



30,091

Operating lease and fixed asset impairment due to restructuring


?



15,819

Provision for credit losses


6,255



5,303

Deferred income taxes


(341)



?

Changes in operating assets and liabilities:






Accounts receivable


(113,664)



(77,130)

Inventories


(55,866)



(82,864)

Prepaid expenses and other current assets


(2,859)



(38,658)

Operating lease liabilities


(12,674)



(25,576)

Other assets


(1,405)



585

Accounts payable and accrued liabilities


(329)



82,638

Total adjustments


(100,826)



(12,700)

Net cash provided by operating activities


135,302



139,360

Cash Flows from Investing Activities:






    Expenditures for property, plant and equipment


(44,943)



(37,598)

Net cash used in investing activities


(44,943)



(37,598)

Cash Flows from Financing Activities:






Repurchases of common stock


(4,944)



(50,700)

Payments of regular cash dividends


(125,532)



(125,707)

Payments of special cash dividends


?



(195,351)

Proceeds from sale of Class A Common Stock in connection with associate stock purchase plan


3,364



3,112

Proceeds from exercise of Class A Common Stock options


21,540



28,969

Borrowings under credit facilities


244,000



505,000

Payments under credit facilities


(239,500)



(365,000)

Borrowings under financing obligations


1,058



1,286

Payments on finance lease and financing obligations


(1,984)



(1,896)

Net cash used in financing activities


(101,998)



(200,287)

Effect of foreign exchange rate changes on cash and cash equivalents


(50)



743

Net decrease in cash and cash equivalents


(11,689)



(97,782)

Cash and cash equivalents ? beginning of period


40,536



125,211

Cash and cash equivalents ? end of period

$

28,847


$

27,429







Supplemental Disclosure of Cash Flow Information:






      Cash paid for income taxes

$

90,696


$

60,903

      Cash paid for interest

$

10,009


$

8,776

 

Non-GAAP Financial Measures

To supplement MSC's unaudited selected financial data presented consistent with accounting principles generally accepted in the United States ("GAAP"), the Company discloses certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP incremental margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude impairment loss and loss recovery (prior year), inventory write-downs (prior year), legal costs for impairment of prepaid PPE (prior year), acquisition-related costs, restructuring and other costs, and other related costs and tax effects.

These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures and should only be used to evaluate MSC's results of operations in conjunction with the corresponding GAAP financial measures.

In calculating non-GAAP financial measures, we exclude impairment loss and loss recovery (prior year), inventory write-downs (prior year), legal costs for impairment of prepaid PPE (prior year), acquisition-related costs, restructuring and other costs, and other related costs and tax effects. Management makes these adjustments to facilitate a review of the Company's operating performance on a comparable basis between periods, for comparison with forecasts and strategic plans, for identifying and analyzing trends in the Company's underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.














MSC INDUSTRIAL DIRECT CO., INC.

Reconciliation of GAAP and Non-GAAP Financial Information

Thirteen Weeks Ended May 28, 2022

(In thousands, except percentages and per share data)















GAAP Financial
Measure


Items Affecting Comparability


Non-GAAP
Financial Measure


Total MSC
Industrial


Restructuring and
Other Costs



Acquisition-related
Costs


Adjusted Total
MSC Industrial

Net Sales

$

958,579



$

-


$

-


$

958,579














Cost of Goods Sold


547,430




-



-



547,430














Gross Profit


411,149




-



-



411,149

Gross Margin


42.9 %










42.9 %














Operating Expenses


271,046




-



211



270,835

Operating Exp as % of Sales


28.3 %







0.0 %



28.3 %














Restructuring and Other Costs


3,267




3,267



-



-














Income from Operations


136,836




(3,267)



(211)



140,314

Operating Margin


14.3 %




-0.3 %



0.0 %



14.6 %

Incremental Margin


8.9 %










33.4 %














Total Other Expense


(3,702)




-



-



(3,702)














Income before provision for income taxes


133,134




(3,267)



(211)



136,612














Provision for income taxes


33,417




(884)



(57)



34,358

Net income


99,717




(2,383)



(154)



102,254

Net income attributable to noncontrolling interest


60




-



-



60

Net income attributable to MSC Industrial

$

99,657



$

(2,383)


$

(154)


$

102,194














Net income per common share:













     Diluted

$

1.78



$

(0.04)


$

(0.0)


$

1.82














*Individual amounts may not agree to the total due to rounding.













 













MSC INDUSTRIAL DIRECT CO., INC.

Reconciliation of GAAP and Non-GAAP Financial Information

Thirty-Nine Weeks Ended May 28, 2022

(In thousands, except percentages and per share data)














GAAP Financial
Measure


Items Affecting Comparability


Non-GAAP
Financial Measure


Total MSC

Industrial


Restructuring and
Other Costs


Acquisition-related
Costs


Adjusted Total
MSC Industrial

Net Sales

$

2,669,648


$

-


$

-


$

2,669,648













Cost of Goods Sold


1,539,628



-



-



1,539,628













Gross Profit


1,130,020



-



-



1,130,020

Gross Margin


42.3 %









42.3 %













Operating Expenses


793,600



-



211



793,389

Operating Exp as % of Sales


29.7 %






0.0 %



29.7 %













Restructuring and Other Costs


11,684



11,684



-



-













Income from Operations


324,736



(11,684)



(211)



336,631

Operating Margin


12.2 %



-0.4 %



0.0 %



12.6 %

Incremental Margin


44.3 %









24.0 %













Total Other Expense


(11,329)



-



-



(11,329)













Income before provision for income taxes


313,407



(11,684)



(211)



325,302













Provision for income taxes


77,279



(3,014)



(57)



80,350

Net income


236,128



(8,670)



(154)



244,952

Net income attributable to noncontrolling interest


473



-



-



473

Net income attributable to MSC Industrial

$

235,655


$

(8,670)


$

(154)


$

244,479













Net income per common share:












     Diluted

$

4.21


$

(0.15)


$

(0.0)


$

4.36













*Individual amounts may not agree to the total due to rounding.












 
















MSC INDUSTRIAL DIRECT CO., INC.

Reconciliation of GAAP and Non-GAAP Financial Information

Thirteen Weeks Ended May 29, 2021

(In thousands, except percentages and per share data)

















GAAP Financial
Measure



Items Affecting Comparability


Non-GAAP
Financial Measure


Total MSC
Industrial


Impairment
Loss (Loss
Recovery), Net


Restructuring and
Other Costs


Legal Costs-
Impairment of
Prepaid for PPE


Adjusted Total
MSC Industrial

Net Sales

$

866,294


$

-


$

-


$

-


$

866,294
















Cost of Goods Sold


499,823



-



-



-



499,823
















Gross Profit


366,471



-



-



-



366,471

Gross Margin


42.3 %



-



-



-



42.3 %
















Operating Expenses


257,336



-



-



401



256,935

Operating Exp as % of Sales


29.7 %



-



-



0.0 %



29.7 %
















Impairment Loss (Loss Recovery), Net


(20,840)



(20,840)



-



-



-
















Restructuring and Other Costs


1,349



-



1,349



-



-
















Income from Operations


128,626



20,840



(1,349)



(401)



109,536

Operating Margin


14.8 %



2.4 %



-0.2 %



0.0 %



12.6 %
















Total Other Expense


(2,550)



-



-



-



(2,550)
















Income before provision for income taxes


126,076



20,840



(1,349)



(401)



106,986
















Provision for income taxes


31,141



5,263



(341)



(100)



26,319

Net income


94,935



15,577



(1,008)



(301)



80,667

Net income attributable to noncontrolling interest


501



-



-



-



501

Net income attributable to MSC Industrial

$

94,434


$

15,577


$

(1,008)


$

(301)


$

80,166
















Net income per common share:















     Diluted

$

1.68


$

0.28


$

(0.02)


$

(0.01)


$

1.42
















*Individual amounts may not agree to the total due to rounding.















 



















MSC INDUSTRIAL DIRECT CO., INC.

Reconciliation of GAAP and Non-GAAP Financial Information

Thirty-Nine Weeks Ended May 29, 2021

(In thousands, except percentages and per share data)




















GAAP Financial
Measure


Items Affecting Comparability


Non-GAAP
Financial Measure


Total MSC
Industrial


Inventory
Write-down


Restructuring
and Other
Costs


Impairment
Loss, Net


Legal Costs -
Impairment of
Prepaid for PPE


Adjusted Total
MSC Industrial

Net Sales

$

2,412,193


$

-


$

-


$

-


$

-


$

2,412,193



















Cost of Goods Sold


1,427,653



30,091



-



-



-



1,397,562



















Gross Profit


984,540



(30,091)



-



-



-



1,014,631

Gross Margin


40.8 %



-1.2 %



-



-



-



42.1 %



















Operating Expenses


741,156



-



-



-



1,421



739,735

Operating Exp as % of Sales


30.7 %



-



-



-



0.1 %



30.7 %



















Impairment Loss


5,886



-



-



5,886



-



-



















Restructuring and Other Costs


26,943



-



26,943



-



-



-



















Income from Operations


210,555



(30,091)



(26,943)



(5,886)



(1,421)



274,896

Operating Margin


8.7 %



-1.2 %



-1.1 %



-0.2 %



-0.1 %



11.4 %



















Total Other Expense


(8,856)



-



-



-



-



(8,856)



















Income before provision for income taxes


201,699



(30,091)



(26,943)



(5,886)



(1,421)



266,040



















Provision for income taxes


49,639



(7,392)



(6,620)



(1,446)



(349)



65,446

Net income


152,060



(22,699)



(20,323)



(4,440)



(1,072)



200,594

Net income attributable to noncontrolling interest


1,087



-



-



-



-



1,087

Net income attributable to MSC Industrial

$

150,973


$

(22,699)


$

(20,323)


$

(4,440)


$

(1,072)


$

199,507



















Net income per common share:


















     Diluted

$

2.69


$

(0.40)


$

(0.36)


$

(0.08)


$

(0.02)


$

3.55



















*Individual amounts may not agree to the total due to rounding.


















 

SOURCE MSC Industrial Supply Co.


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