Q3 2024 MSC Industrial Direct Co Inc Earnings Call Transcript
Key Points
- Gross margin improved by 20 basis points year over year to 40.9%.
- Sequential improvement in average daily sales by approximately 3%.
- Successful acquisitions of Premier Tooling Group and ApTex, enhancing market reach and technical expertise.
- Strong free cash flow generation of approximately $114 million in fiscal Q3 and $230 million fiscal year to date.
- Continued momentum in vending and in-plant programs, with sales growth of 2% and 4% year over year, respectively.
- Fiscal third-quarter sales declined 7.1% year over year.
- Core customer base experienced a decline of approximately 7%, driven by macro softness and delays in web enhancements.
- Gross margin declined 60 basis points sequentially from Q2 levels, below expectations.
- Reported operating margin for the quarter was 10.9%, down from 12.8% in the prior year.
- GAAP earnings per share decreased to $1.27 from $1.69 in the prior year period.
Good morning, and welcome to the MSC third quarter fiscal 2024 earnings call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Ryan Mills, Head of Investor Relations. Please go ahead.
Thank you, and good morning, everyone. Welcome to our third quarter fiscal 2024 earnings call. Erik Gershwind, our Chief Executive Officer; and Kristen Actis-Grande, our Chief Financial Officer, are both on the call with me today.
During today's call, we will refer to various financial data in the earnings presentation and operational statistics document that accompany our comments, both of which can be found on our Investor Relations website.
Let me reference our Safe Harbor statement found on slide two of the earnings presentation. Our comments on this call, as well as the supplemental information we are providing on the website, contain forward-looking statements within the meaning of US security laws. These forward
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