MSC Industrial Reports Preliminary Q3 Net Sales Of Approximately $978M-$980M, Down 7.3%-7.1% Y/Y; Est $1.022B

Author: Benzinga Newsdesk | June 13, 2024 04:34pm

Erik Gershwind, President and Chief Executive Officer, said, "Today, we announced softer than expected preliminary third quarter results and are lowering our full year 2024 outlook, primarily driven by two factors. First, while average daily sales improved sequentially, ongoing heavy manufacturing softness and a slower than anticipated ramp in our Core Customer resulted in a lower sequential revenue improvement than anticipated. Second, gross margins were approximately 60 basis points below our expectations primarily due to, in roughly equal proportion, increased product and customer mix headwinds and unexpected dilution from our web price realignment. The latter tracks back to complexities that were not uncovered during the pilot phase of the web price alignment and the time it took to identify the cause of the unexpected dilution." 

Posted In: MSM