Manufacturing Slump Hurts MSC Industrial: Q3 Disappoints On Weak Demand
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.
MSC Industrial Direct Co., Inc.（NYSE：MSM）报告第三财季FY24净销售额同比下降7.1％至9.794亿美元，低于市场共识的10.14亿美元。
Adjusted EPS of $1.33, down 23.6% Y/Y, missed the consensus of $1.50.
每股调整后EPS为1.33美元，同比下降23.6％，低于市场共识的1.50美元。
This compares to preliminary results announced last month for net sales of $978 million-$980 million and adjusted EPS of $1.32-$1.34.
这与上个月公布的净收入在9.78亿美元至9.8亿美元之间和每股调整后EPS在1.32美元至1.34美元之间的初步结果相比。
Average daily sales fell 7.1% Y/Y due to non-recurring Public Sector orders from the previous year and weakness in manufacturing sectors.
平均每日销售额同比下降7.1％，因去年前期非经常性公共部门订单和制造业板块需求疲软。
Adjusted operating income declined 19.6% to $111.5 million, with the operating margin compressing to 11.4% from 13.1% a year ago. As of June 1, 2024, the company held $25.9 million in cash and equivalents.
调整后的营业利润下降了19.6％至1.115亿美元，营业利润率从去年的13.1％压缩至11.4％。截至2024年6月1日，该公司持有现金及等价物2590万美元。
Erik Gershwind, President and Chief Executive Officer, said, "As announced on June 13th, we began the second half of our fiscal year with unexpected gross margin pressure and a slower than expected recovery in average daily sales, particularly within our Core customer base. As a result, our third quarter performance was below expectations and led to a revised full year outlook."
总裁兼首席执行官Erik Gershwind表示：“正如6月13日宣布的那样，我们开始了本财年下半年，面临意外的毛利率压力和销售恢复速度低于预期，特别是在我们的核心客户群体中。因此，我们的第三季度业绩低于预期，导致修正全年展望。”
Last month, MSC Industrial declared cash dividend of $0.83 per share, payable on July 23, 2024, to shareholders of record as of July 9, 2024.
上个月，MSC Industrial宣布每股派息0.83美元的现金股利，将于2024年7月23日支付给截至2024年7月9日的股东。
FY24 Outlook: MSC Industrial continues to see FY24 ADS growth of (4.7)% – (4.3)%, an adjusted operating margin of 10.5% – 10.7%, and operating cash flow conversion of more than 125%.
FY24展望：MSC Industrial仍然预计FY24 ADS增长率为（4.7）％-（4.3）％，调整后的营业利润率在10.5％-10.7％之间，并实现125％以上的营业现金流转换率。
While announcing its preliminary financial results last month, the company revised down its ADS Growth outlook from 0% – 5% to (4.7)% – (4.3)% and adjusted operating margin guidance from 12.0% – 12.8% to 10.5% – 10.7%.
上个月，在宣布初步财务业绩时，该公司将ADS增长展望修正为0％-5％至（4.7）％-（4.3）％，并将调整后的营业利润率展望修正为12.0％-12.8％至10.5％-10.7％。
Price Action: MSM shares are trading higher by 0.05% at $78.27 at the last check Tuesday.
股票价格：周二最后检查时，MSM股票以78.27美元交易，涨幅为0.05％。