MSC Industrial Direct Co. (NYSE: MSM) reported Wednesday that its fiscal second-quarter profit grew 16 percent, citing improvements in market conditions and a rise in sales, according to Associated Press.
MSC said that its earnings rose to $30.6 million, or 48 cents per share, for the second quarter, compared with $26.3 million, or 42 cents per share, a year earlier.
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Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, expected a slightly smaller profit of 47 cents per share.
Revenue improved to $395.5 million, compared to $351.9 million, which tops Wall Street's estimates of $393.5 million.
MSC, the marketer and distributor of metalworking and maintenance, repair and operation supplies to industrial customers, anticipates third-quarter earnings of 63 cents to 67 cents per share on revenue between $436 million and $448 million.
Analysts predict a much smaller profit of 55 cents per share on sales of $414 million.
In morning trading, shares jumped $2.80, or 5.3 percent, to $56.00.
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