MSM - MSC Industrial Direct Had A Bad Day
2024-06-15 08:00:00 ET
Summary
- MSC Industrial Direct Co. shares plunged 10.4% after management reported lower-than-expected revenue and earnings for the third quarter of 2024.
- Financial performance for the first half of 2024 also showed declines in revenue, net income, operating cash flow, and EBITDA compared to the previous year.
- Management revised guidance for the year, now expecting lower average daily sales, operating margin, and net income due to various factors impacting the business.
June 14th ended up being a really bad day for shareholders of MSC Industrial Direct Co ( MSM ). For those not familiar with the company, it operates as a supplier of metalworking, maintenance, repair, and operations, products and services throughout North America. Shares of the business plunged, closing down 10.4% for the day. This was in response to management announcing preliminary results covering the third quarter of the company's 2024 fiscal year. In addition to revenue coming in lower than previously anticipated, earnings per share have also taken a beating. Add on top of this the fact that management reduced guidance for the year as a whole, and it's clear that things are not as good as they once appeared....
MSC Industrial Direct Had A Bad Day