MSC Industrial Q4 Misses Consensus, Net Sales Fall 8% Amid Heavy Manufacturing Weakness

MSC Industrial Direct Company, Inc. (NYSE:MSM) shares are trading lower on Thursday after the company reported fourth-quarter results.

Net sales declined 8.0% year-over-year to $952.3 million, missing the consensus of $959.7 million.

Average daily sales fell 4.7% for the fiscal year due to continued softness in the heavy manufacturing markets, where the company has significant exposure and headwinds from non-repeating orders in the prior year.

Adjusted operating income for the quarter declined 27.8% to $94.2 million, with the operating margin compressing to 9.9% from 12.6% a year ago.

Adjusted EPS of $1.03, down 37.2% from the prior year, missed