UPDATE 1-MSM Industrial Direct Q1 earnings beat Street

* Q1 EPS $0.75 vs est. $0.74

* Q1 net sales up 23 pct

* Sees Q2 EPS $0.66-$0.70, rev $466-$478 mln

Jan 6 (BestGrowthStock) – Industrial distributor MSC Industrial
Direct Co Inc (MSM.N: ) posted better-than-expected quarterly
results, helped by a rebound in North American manufacturing.

The company also forecast second-quarter earnings of 66-70
cents a share, including acquisition-related dilution of 3
cents a share, and revenue of $466-$478 million.

MSC Industrial said net sales rose 23 percent in the first
quarter, driven by market share gains, resurgence in U.S.
manufacturing and strong performance within its customer base.

U.S. manufacturing grew at its fastest pace in seven months
in December, extending a recent run of encouraging economic
data and suggesting that expansion of the world’s biggest
economy will accelerate in 2011. [ID:nN03175600]

Melville, New York-based MSC Industrial distributes
industrial supplies such as fasteners, measuring instruments
and plumbing tools.

For the quarter ended Nov. 27, the company reported net
income of $47.6 million, or 75 cents a share, compared with
$31.4 million, or 50 cents a share, a year ago.

Analysts on an average were expecting earnings of 74 cents
a share, on revenue of $471.8 million, according to Thomson
Reuters I/B/E/S.

MSC Industrial’s shares, which have gained 14 percent since
the company reported a strong October quarter, closed at $65.26
on Wednesday on the New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Roshni
Menon)

UPDATE 1-MSM Industrial Direct Q1 earnings beat Street