MSC Reports Fiscal 2019 Second Quarter Results

News provided by

MSC Industrial Supply Co.

Apr 10, 2019, 06:30 ET

MELVILLE, N.Y. and DAVIDSON, N.C., April 10, 2019 /PRNewswire/ --

FISCAL Q2 2019 HIGHLIGHTS

  • Net sales of $823.0 million, a 7.0% YoY increase
  • Average daily sales increased 8.8% YoY, with 270 basis points of acquisitive growth
  • Operating income of $96.0 million, a decrease of approximately 2.2% YoY
  • Operating margin of 11.7% (11.9% excluding acquisitions*)
  • Diluted EPS of $1.24

MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC" or the "Company," a premier distributor of Metalworking and Maintenance, Repair and Operations ("MRO") products and services to industrial customers throughout North America, today reported financial results for its fiscal 2019 second quarter ended March 2, 2019. 














Financial Highlights1


FY19 Q2


FY18 Q2


Change


FY19 YTD


FY18 YTD


Change

Net Sales


$823.0


$769.0


7.0%


$1,654.6


$1,537.5


7.6%

Operating Income


96.0


98.1


-2.2%


199.0


197.4


0.8%

% of Net Sales


11.7%


12.8%




12.0%


12.8%



Net Income


68.4


117.6

4

-41.8%


142.7


177.1

4

-19.5%

Diluted EPS


$1.24

.2

$2.06

.3,4

-39.8%


$2.56

.2

$3.12

.3,4

-17.9%

1In millions except per share data or as otherwise noted. 2Based on 55.4 million and 55.6 million diluted shares outstanding for FY19 Q2 and FY19 YTD, respectively.  3Based on 56.9 million and 56.7 million diluted shares outstanding for FY18 Q2 and FY18 YTD, respectively. 4 Prior year periods include a provisional tax benefit of $41.2 million, or $0.72 per diluted share, from the revaluation of the company's tax related balance sheet items and a tax benefit of $16.9 million, or $0.30 per diluted share, attributable to the lower effective tax rate required to bring the first half of fiscal 2018 into alignment with the expected full year rate.

Erik Gershwind, president and chief executive officer, said, "Conditions generally remained solid in the industrial economy in the fiscal second quarter of 2019, although we did see some moderation in February and this continued into March. Our core and national account customer growth in the quarter was in the high single digits, while Government sales were negative as expected. As a result, our total company growth rate was slightly below our expectations. The pricing environment remained stable in the fiscal second quarter, and we were pleased with the strong realization that we achieved on our mid-year price increase."

Rustom Jilla, executive vice president and chief financial officer, added, "Our fiscal second quarter total ADS increased 8.8% year-over-year, with acquisitions contributing 270 basis points. Our gross margin was in-line with our expectations. Price realization was strong, while purchase cost and mix remained headwinds, as expected. Our operating expense to sales ratio was 31.1%, roughly flat with last year's second quarter and in line with our guidance, as our stepped-up growth investments offset the benefits of sales leverage. Despite our gross margins and operating expenses coming in as expected, our earnings per share were one cent below our guidance mid-point due to slightly lower than anticipated sales. Finally, in the fiscal second quarter, we paid dividends of $35 million and repurchased approximately 275 thousand shares for about $21 million."

Gershwind concluded, "Over the past few years, we have repositioned MSC from a spot buy supplier to a mission critical partner on manufacturing plant floors. More recently, we transformed our sales force and ramped hiring of sales talent. At the halfway point of the fiscal year, gross margins and operating expenses are as anticipated, but revenue growth has slightly underperformed our expectations. Looking forward, we are seeing positive signs from the implementation of our strategic plan, particularly from our sales force transformation, and are confident that it will deliver above market growth."

Outlook
The Company expects net sales for the third quarter of fiscal 2019 to be between $874 million and $891 million. At the midpoint, average daily sales are expected to increase roughly 6.5% compared to last year's third quarter. The Company expects diluted earnings per share for the third quarter of fiscal 2019 to be between $1.46 and $1.52.

Excluding acquisitions*, the Company expects net sales for the third quarter of fiscal 2019 to be between $846 million and $863 million, with average daily sales at the midpoint expected to increase roughly 4.0% compared to last year's third quarter. The Company expects the impact from acquisitions to have a roughly breakeven impact on diluted earnings per share for the third quarter of fiscal 2019.

* An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the financial schedules of this press release.

Conference Call Information

MSC will host a conference call today at 8:30 a.m. EDT to review the Company's fiscal 2019 third quarter results. The call, accompanying slides, and other operational statistics may be accessed at: http://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).

An online archive of the broadcast will be available until April 17, 2019.

The Company's reporting date for fiscal 2019 third quarter results is scheduled for July 10, 2019.

About MSC Industrial Supply Co. MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of metalworking and maintenance, repair, and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with more than 1.6 million products, inventory management and other supply chain solutions, and deep expertise from over 75 years of working with customers across industries. Our experienced team of over 6,500 associates is dedicated to working side by side with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling, and optimizing for a more productive tomorrow. For more information on MSC, please visit mscdirect.com.

Note Regarding Forward-Looking Statements: 
Statements in this Press Release may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about expected future results, expected benefits from our investment and strategic plans, including from our recent acquisitions, and expected future margins, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. Factors that could cause actual results to differ materially from those in forward-looking statements include: general economic conditions in the markets in which we operate; changing customer and product mixes; competition, including the adoption by competitors of aggressive pricing strategies and sales methods; industry consolidation and other changes in the industrial distribution sector; volatility in commodity and energy prices; the outcome of government or regulatory proceedings or future litigation; credit risk of our customers; risk of customer cancellation or rescheduling of orders; work stoppages or other business interruptions (including those due to extreme weather conditions) at transportation centers, shipping ports, our headquarters or our customer fulfillment centers; dependence on our information systems and the risks of business disruptions arising from changes to our information systems and disruptions due to catastrophic events, power outages, natural disasters, computer system or network failures, computer viruses, physical or electronic break-ins and cyber-attacks; retention of key personnel; retention of qualified sales and customer service personnel and metalworking specialists; risk of loss of key suppliers, key brands or supply chain disruptions; risks associated with changes to trade policies, including the impact from significant restrictions or tariffs; risks associated with opening or expanding our customer fulfillment centers; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; failure to comply with applicable environmental, health and safety laws and regulations; goodwill and intangible assets recorded as a result of our acquisitions could be impaired; risks associated with the volatility of our common stock; and our principal shareholders exercise significant control over us. Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. We assume no obligation to update any of these forward-looking statements. 

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)








March 2,


September 1,


2019


2018

ASSETS

 (unaudited)



Current Assets:






Cash and cash equivalents

$

31,167


$

46,217

Accounts receivable, net of allowance for doubtful accounts


540,756



523,892

Inventories


572,593



518,496

Prepaid expenses and other current assets


99,387



58,902

Total current assets


1,243,903



1,147,507

Property, plant and equipment, net


307,310



311,685

Goodwill


677,501



674,998

Identifiable intangibles, net


123,062



122,724

Other assets


6,340



31,813

Total assets

$

2,358,116


$

2,288,727







LIABILITIES AND SHAREHOLDERS' EQUITY






Current Liabilities:






Short-term debt

$

308,562


$

224,097

Accounts payable


162,673



145,133

Accrued liabilities


96,656



121,293

Total current liabilities


567,891



490,523

Long-term debt


284,666



311,236

Deferred income taxes and tax uncertainties


99,714



99,714

Total liabilities


952,271



901,473

Commitments and Contingencies






Shareholders' Equity:






Preferred Stock


—



—

Class A common stock


54



55

Class B common stock


10



10

Additional paid-in capital


670,047



657,749

Retained earnings


1,349,972



1,325,822

Accumulated other comprehensive loss


(20,237)



(19,634)

Class A treasury stock, at cost


(599,603)



(576,748)

Total MSC Industrial shareholders' equity


1,400,243



1,387,254

Noncontrolling interest


5,602



—

Total Shareholders' Equity


1,405,845



1,387,254

Total liabilities and shareholders' equity

$

2,358,116


$

2,288,727

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)














Thirteen Weeks Ended


Twenty-Six Weeks Ended


March 2,


March 3,


March 2,


March 3,


2019


2018


2019


2018

Net sales

$

823,004


$

768,987


$

1,654,601


$

1,537,548

Cost of goods sold


471,190



431,764



944,802



865,256

Gross profit


351,814



337,223



709,799



672,292

Operating expenses


255,833



239,120



510,818



474,911

Income from operations


95,981



98,103



198,981



197,381

Other (expense) income:












Interest expense


(4,539)



(3,550)



(8,595)



(6,787)

Interest income


164



213



326



376

Other (expense) income, net


(237)



77



(235)



(331)

Total other expense


(4,612)



(3,260)



(8,504)



(6,742)

Income before provision for income taxes


91,369



94,843



190,477



190,639

Provision (Benefit) for income taxes


22,939



(22,709)



47,815



13,502

Net income


68,430



117,552



142,662



177,137

Less: Net income attributable to noncontrolling interest


6



—



6



—

Net income attributable to MSC Industrial

$

68,424


$

117,552


$

142,656


$

177,137

Per share data attributable to MSC Industrial:












Net income per common share:












Basic

$

1.24


$

2.08


$

2.58


$

3.14

Diluted

$

1.24


$

2.06


$

2.56


$

3.12

Weighted average shares used in computing

   net income per common share:












Basic


55,139



56,439



55,320



56,363

Diluted


55,362



56,892



55,619



56,698

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)














Thirteen Weeks Ended


Twenty-Six Weeks Ended


March 2,


March 3,


March 2,


March 3,


2019


2018


2019


2018

Net income, as reported

$

68,430


$

117,552


$

142,662


$

177,137

Other comprehensive income, net of tax:












Foreign currency translation adjustments


675



27



(666)



(816)

Comprehensive income


69,105



117,579



141,996



176,321

  Comprehensive loss attributable to noncontrolling interest


57



—



57



—

Comprehensive income attributable to MSC Industrial

$

69,162


$

117,579


$

142,053


$

176,321

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)








Twenty-Six Weeks Ended


March 2,


March 3,


2019


2018

Cash Flows from Operating Activities:






Net income

$

142,662


$

177,137

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization    


32,076



31,307

Stock-based compensation


8,078



7,589

Loss on disposal of property, plant, and equipment


343



178

Provision for doubtful accounts


6,050



3,407

Deferred income taxes and tax uncertainties


—



(41,199)

Changes in operating assets and liabilities:






Accounts receivable


(20,510)



(32,461)

Inventories


(44,642)



(33,648)

Prepaid expenses and other current assets


(13,359)



(3,457)

Other assets


(1,545)



2,330

Accounts payable and accrued liabilities


(10,575)



7,004

Total adjustments


(44,084)



(58,950)

Net cash provided by operating activities


98,578



118,187

Cash Flows from Investing Activities:






    Expenditures for property, plant and equipment


(23,156)



(17,261)

    Cash used in business acquisitions, net of cash received


(11,625)



(738)

Net cash used in investing activities


(34,781)



(17,999)

Cash Flows from Financing Activities:






Repurchases of common stock


(84,425)



(21,728)

Payments of cash dividends


(69,551)



(59,873)

Proceeds from sale of Class A common stock in connection with associate stock purchase plan


2,429



2,376

Proceeds from exercise of Class A common stock options


14,518



16,393

Borrowings under the revolving credit facilities


326,000



124,000

Contributions from non-controlling interest


918



—

Payments under the revolving credit facilities


(269,000)



(146,000)

Other, net


241



71

Net cash used in financing activities


(78,870)



(84,761)

Effect of foreign exchange rate changes on cash and cash equivalents


23



98

Net increase (decrease) in cash and cash equivalents


(15,050)



15,525

Cash and cash equivalents – beginning of year


46,217



16,083

Cash and cash equivalents – end of year

$

31,167


$

31,608

Supplemental Disclosure of Cash Flow Information:






Cash paid for income taxes

$

47,834


$

50,279

Cash paid for interest

$

8,316


$

6,553

Non-GAAP Financial Measures

  • Results excluding All Integrated Solutions (AIS) and MSC Mexico

To supplement MSC's unaudited selected financial data presented consistent with Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures, including Non-GAAP net sales, non-GAAP gross profit, non-GAAP income from operations, non-GAAP (benefit) provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude the results of our acquisition of All Integrated Solutions ("AIS") and the operations of two newly-formed entities, MSC IndustrialSupply, S. de R.L. de C.V. and MSC Import Export LLC (which completed the acquisition of certain assets in February 2019), including the non-recurring acquisition and integrations costs (collectively, referred to as "Acquisitions").

These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect MSC's results of operations as determined in accordance with GAAP, and that these measures should only be used to evaluate MSC's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company's performance.

In calculating non-GAAP financial measures, we exclude the results of the Acquisitions to facilitate a review of the Company's operating performance on a period-to-period basis, for comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results "through the eyes" of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:

  • the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results;
  • the ability to better identify trends in the Company's underlying business and perform related trend analyses;
  • a better understanding of how management plans and measures the Company's underlying business; and
  • an easier way to compare the Company's operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures

MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Information

Thirteen and Twenty-Six Weeks Ended March 2, 2019

(dollars in thousands, except per share data)






























GAAP Measure


Items Affecting Comparability


Non-GAAP Measure



GAAP Measure


Non-GAAP Measure

Net Sales


Acquisitions


Net Sales, excluding
Acquisitions



Average Daily Sales Growth


Average Daily Sales Growth,
excluding Acquisitions

Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended



Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended

March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019



March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019

$

823,004


$

1,654,601


$

19,943


$

37,601


$

803,061


$

1,617,000



8.8

%


8.5

%


6.1

%


6.0

%































GAAP Measure


Items Affecting Comparability


Non-GAAP Measure



GAAP Measure


Non-GAAP Measure

Gross Profit


Acquisitions


Gross Profit, excluding
Acquisitions



Gross Margin


Gross Margin, excluding
Acquisitions

Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended



Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended

March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019



March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019

$

351,814


$

709,799


$

5,960


$

11,408


$

345,854


$

698,391



42.7

%


42.9

%


43.1

%


43.2

%































GAAP Measure


Items Affecting Comparability


Non-GAAP Measure



GAAP Measure


Non-GAAP Measure

Operating Expenses


Acquisitions


Operating Expenses, excluding
Acquisitions



Operating Expenses as a
percentage of Net Sales


Operating Expenses as a
percentage of Net Sales,
excluding Acquisitions

Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended



Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended

March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019



March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019

$

255,833


$

510,818


$

5,654


$

10,511


$

250,179


$

500,307



31.1

%


30.9

%


31.2

%


30.9

%































GAAP Measure


Items Affecting Comparability


Non-GAAP Measure



GAAP Measure


Non-GAAP Measure

Operating Income


Acquisitions


Operating Income, excluding
Acquisitions



Operating Margin


Operating Margin, excluding
Acquisitions

Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended



Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended

March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019



March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019

$

95,981


$

198,981


$

306


$

897


$

95,675


$

198,084



11.7

%


12.0

%


11.9

%


12.3

%



































GAAP Measure


Items Affecting Comparability


Non-GAAP Measure














Provision (benefit)

for income taxes


Acquisitions


Provision (benefit) for income
taxes, excluding Acquisitions














Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended














March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019














$

22,939


$

47,815


$

(137)


$

(207)


$

23,076


$

48,022












































GAAP Measure


Items Affecting Comparability


Non-GAAP Measure














Net Income (loss)


Acquisitions


Net Income (loss), excluding
Acquisitions














Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended














March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019














$

68,430


$

142,662


$

(416)


$

(623)


$

68,846


$

143,285












































GAAP Measure


Items Affecting Comparability


Non-GAAP Measure














Diluted Earnings (loss) Per
Share


Acquisitions


Diluted Earnings (loss) Per
Share, excluding Acquisitions














Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended


Thirteen

Weeks Ended


Twenty-Six

Weeks Ended














March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019


March 2, 2019














$

1.24


$

2.56


$

-


$

(0.01)


$

1.24


$

2.57












































MSC INDUSTRIAL SUPPLY CO. AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Information

Guidance for Thirteen Weeks Ended June 1, 2019*

(dollars in millions, except per share data)













GAAP Measure


Items Affecting Comparability


Non-GAAP Measure


GAAP Measure


Non-GAAP Measure

Net Sales


Acquisitions


Net Sales,

excluding Acquisitions


Average Daily Sales Growth


Average Daily Sales
Growth, excluding
Acquisitions

Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended

June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019

$

882.6


$

28.2


$

854.4


6.5

%


4.0

%















GAAP Measure


Items Affecting Comparability


Non-GAAP Measure


GAAP Measure


Non-GAAP Measure

Gross Profit


Acquisitions


Gross Profit,

excluding Acquisitions


Gross Margin


Gross Margin,

excluding Acquisitions

Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended

June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019

$

377.2


$

7.6


$

369.6


42.7

%


43.3

%















GAAP Measure


Items Affecting Comparability


Non-GAAP Measure


GAAP Measure


Non-GAAP Measure

Operating Expenses


Acquisitions


Operating Expenses,

excluding Acquisitions


Operating Expenses as a
percentage of Net Sales


Operating Expenses as a
percentage of Net Sales,
excluding Acquisitions

Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended

June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019

$

262.3


$

6.9


$

255.4


29.7

%


29.9

%















GAAP Measure


Items Affecting Comparability


Non-GAAP Measure


GAAP Measure


Non-GAAP Measure

Operating Income


Acquisitions


Operating Income,

excluding Acquisitions


Operating Margin


Operating Margin,

excluding Acquisitions

Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended

June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019


June 1, 2019

$

114.9


$

0.7


$

114.2


13.0

%


13.4

%















GAAP Measure


Items Affecting Comparability


Non-GAAP Measure







Net Income (loss)


Acquisitions


Net Income (loss),

excluding Acquisitions







Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended







June 1, 2019


June 1, 2019


June 1, 2019







$

82.8


$

(0.1)


$

82.9





















GAAP Measure


Items Affecting Comparability


Non-GAAP Measure







Diluted Earnings Per Share


Acquisitions


Diluted Earnings Per Share,
excluding Acquisitions







Thirteen Weeks Ended


Thirteen Weeks Ended


Thirteen Weeks Ended







June 1, 2019


June 1, 2019


June 1, 2019







$

1.49


$

-


$

1.49





















*  The data in the above tables represent the midpoint of management's guidance; see note regarding forward-looking statements















SOURCE MSC Industrial Supply Co.