MSC Industrial Direct Co., Inc. (NYSE:MSM) reported financial results for its fiscal 2019 first quarter ended December 1, 2018. Net sales came in at $831.6 million, compared to $768.6 million in the prior-year quarter.
Operating income registered at $103 million, compared to $99.3 million in the prior-year quarter. Net income was listed at $74.2 million, compared to $59.6 million in the prior-year quarter.
CEO Erik Gershwind said, "The industrial economy remained strong in the fiscal first quarter, although there is currently more uncertainty than a few months ago due to potential economic and trade overhangs and the government shutdown.
"Our net sales in the first quarter were slightly above the mid-point of our guidance, with Core customers and National Accounts achieving high single-digit growth, tempered by the expected weakness in Government. AIS continues to progress according to plan, delivering solid top line growth."
The Company expects net sales for the second quarter of fiscal 2019 to be between $817 million and $833 million. At the midpoint, average daily sales are expected to increase roughly 9.0% compared to last year's second quarter.
The Company expects diluted earnings per share for the second quarter of fiscal 2019 to be between $1.22 and $1.28.
Excluding the AIS acquisition, the Company expects net sales for the second quarter of fiscal 2019 to be between $798 million and $814 million, with average daily sales at the midpoint expected to increase roughly 6.5% compared to last year's second quarter.
Shares let go of $1.37, or 1.8%, to $76.57.
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