MSC Industrial Delivers Tight Expense Control Amid Sales Headwinds; Reiterating Our $80 Fair Value
We are maintaining MSC Industrial’s $80 fair value estimate and narrow moat rating following the company’s fiscal fourth-quarter earnings release. With the metal working industry index signaling further contraction in the manufacturing economy, MSC unsurprisingly reported sales declines offset by tight expense management. Going forward, the company appears to have severely constrained growth-oriented spending after being burned by low salesforce productivity in recent periods. For the fiscal fir...MSC Industrial Direct Co. is a distributor of metalworking and maintenance, repair and operations (MRO) products and services. The company provides stock-keeping units through its eCommerce channels, including its website, mscdirect.com; its inventory management solutions; catalogs and brochures; and call-centers and branches. The company's range of MRO products includes cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components, and electrical supplies.
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