MSC Industrial rises on Q2 results beat

MSC Industrial Direct

04/04/2023 15:00

** Shares of Industrial product distributor MSC Industrial
Supply Co  MSM.N  up 4.4% at $88.17 premarket
    ** Co reports Q2 adj income of $$1.45 per share beating
analysts' est of $1.34 per share - Refinitiv
    ** Also posts net sales of $961.6 mln vs analysts' est of
$934.1 mln 
    ** Sees 2023 Adjusted Operating Margin of 12.7%-13.3% and
Gross Margins of 40-70 bps Y-o-Y contraction
    ** CFO Kristen Actis-Grande says that co has reoriented
category management focus to improve product, supplier
assortment, streamline cost position; expects to begin seeing
early benefits in late fiscal 2023 with most of benefits
materializing in fiscal 2024
    ** Shares up ~6% YTD

 (Reporting by Yamini Kalia)
 ((Yamini.Kalia@thomsonreuters.com))