New York
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1-14130
|
11-3289165 | ||||||
(State or other jurisdiction of
incorporation)
|
(Commission File Number) |
(IRS Employer Identification No.) |
515 Broadhollow Road, Suite 1000, Melville , New York |
11747 | ||||
(Address of principal executive offices) | (Zip Code) |
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||||
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||||
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
||||
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
||||||
Class A Common Stock, par value $0.001 per share | MSM | New York Stock Exchange |
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||
Date: | July 2, 2024 | By: |
/s/ KRISTEN ACTIS-GRANDE | ||||||||
Name: |
Kristen Actis-Grande | ||||||||||
Title: |
Executive Vice President and Chief Financial Officer |
Exhibit 99.1 | ||||||||
![]() |
NEWS |
Financial Highlights 2 |
FY24 Q3 | FY23 Q3 | Change | FY24 YTD | FY23 YTD | Change | ||||||||||||||||||||||||||||||||
Net Sales | $ | 979.4 | $ | 1,054.5 | (7.1) | % | $ | 2,868.7 | $ | 2,973.8 | (3.5) | % | ||||||||||||||||||||||||||
Income from Operations | $ | 106.8 | $ | 135.4 | (21.1) | % | $ | 299.5 | $ | 365.7 | (18.1) | % | ||||||||||||||||||||||||||
Operating Margin | 10.9 | % | 12.8 | % | 10.4 | % | 12.3 | % | ||||||||||||||||||||||||||||||
Net Income Attributable to MSC | $ | 71.7 | $ | 95.2 | (24.7) | % | $ | 202.9 | $ | 255.6 | (20.6) | % | ||||||||||||||||||||||||||
Diluted EPS | $ | 1.27 | 3 |
$ | 1.69 | 4 |
(24.9) | % | $ | 3.59 | 3 |
$ | 4.56 | 4 |
(21.3) | % | ||||||||||||||||||||||
Adjusted Financial Highlights 2 |
FY24 Q3 | FY23 Q3 | Change | FY24 YTD | FY23 YTD | Change | ||||||||||||||||||||||||||||||||
Net Sales | $ | 979.4 | $ | 1,054.5 | (7.1) | % | $ | 2,868.7 | $ | 2,973.8 | (3.5) | % | ||||||||||||||||||||||||||
Adjusted Income from Operations 1 |
$ | 111.5 | $ | 138.6 | (19.6) | % | $ | 313.0 | $ | 374.0 | (16.3) | % | ||||||||||||||||||||||||||
Adjusted Operating Margin 1 |
11.4 | % | 13.1 | % | 10.9 | % | 12.6 | % | ||||||||||||||||||||||||||||||
Adjusted Net Income Attributable to MSC 1 |
$ | 75.2 | $ | 97.5 | (22.9) | % | $ | 213.2 | $ | 261.9 | (18.6) | % | ||||||||||||||||||||||||||
Adjusted Diluted EPS 1 |
$ | 1.33 | 3 |
$ | 1.74 | 4 |
(23.6) | % | $ | 3.77 | 3 |
$ | 4.67 | 4 |
(19.3) | % |
1 Represents a non-GAAP financial measure. An explanation and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented in the schedules accompanying this press release. | ||||||||||||||
2 In millions except percentages and per share data or as otherwise noted. | ||||||||||||||
3 Based on 56.4 million and 56.5 million weighted-average diluted shares outstanding for FY24 Q3 and FY24 YTD, respectively. | ||||||||||||||
4 Based on 56.2 million and 56.1 million weighted-average diluted shares outstanding for FY23 Q3 and FY23 YTD, respectively. |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 2 |
Fiscal 2024 Full Year Financial Outlook | ||||||||
Current | Prior | |||||||
ADS Growth (YoY) | (4.7)% - (4.3)% | 0% - 5% | ||||||
Adjusted Operating Margin1 |
10.5% - 10.7% | 12.0% - 12.8% | ||||||
Depreciation and Amortization Expense | ~$80M | ~$85M | ||||||
Interest and Other Expense | ~$45M | $40M - $50M | ||||||
Operating Cash Flow Conversion2 |
>125% | >125% | ||||||
Tax Rate | 24.0% - 24.5% | 24.0% - 24.5% |
Contact Information | |||||
Investors: | Media: | ||||
Ryan Mills, CFA |
Zivanai Mutize | ||||
Head of Investor Relations | Head of Corporate Communications | ||||
rmills@mscdirect.com | zivanai.mutize@mscdirect.com |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 3 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 4 |
June 1, 2024 |
September 2, 2023 |
||||||||||
ASSETS | (Unaudited) | ||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 25,928 | $ | 50,052 | |||||||
Accounts receivable, net of allowance for credit losses | 419,810 | 435,421 | |||||||||
Inventories | 665,638 | 726,521 | |||||||||
Prepaid expenses and other current assets | 101,472 | 105,519 | |||||||||
Total current assets | 1,212,848 | 1,317,513 | |||||||||
Property, plant and equipment, net | 344,787 | 319,660 | |||||||||
Goodwill | 721,932 | 718,174 | |||||||||
Identifiable intangibles, net | 102,854 | 110,641 | |||||||||
Operating lease assets | 60,878 | 65,909 | |||||||||
Other assets | 24,495 | 12,237 | |||||||||
Total assets | $ | 2,467,794 | $ | 2,544,134 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current portion of debt including obligations under finance leases | $ | 206,335 | $ | 229,935 | |||||||
Current portion of operating lease liabilities | 22,235 | 21,168 | |||||||||
Accounts payable | 205,644 | 226,299 | |||||||||
Accrued expenses and other current liabilities | 149,298 | 172,034 | |||||||||
Total current liabilities | 583,512 | 649,436 | |||||||||
Long-term debt including obligations under finance leases | 299,812 | 224,391 | |||||||||
Noncurrent operating lease liabilities | 39,532 | 45,924 | |||||||||
Deferred income taxes and tax uncertainties | 130,729 | 131,801 | |||||||||
Total liabilities | 1,053,585 | 1,051,552 | |||||||||
Commitments and Contingencies | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred Stock | — | — | |||||||||
Class A Common Stock | 57 | 48 | |||||||||
Class B Common Stock | — | 9 | |||||||||
Additional paid-in capital | 1,063,738 | 849,502 | |||||||||
Retained earnings | 470,085 | 755,007 | |||||||||
Accumulated other comprehensive loss | (17,553) | (17,725) | |||||||||
Class A treasury stock, at cost | (114,711) | (107,677) | |||||||||
Total MSC Industrial shareholders’ equity | 1,401,616 | 1,479,164 | |||||||||
Noncontrolling interest | 12,593 | 13,418 | |||||||||
Total shareholders’ equity | 1,414,209 | 1,492,582 | |||||||||
Total liabilities and shareholders’ equity | $ | 2,467,794 | $ | 2,544,134 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 5 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
June 1, 2024 |
June 3, 2023 |
June 1, 2024 |
June 3, 2023 |
||||||||||||||||||||
Net sales | $ | 979,350 | $ | 1,054,464 | $ | 2,868,667 | $ | 2,973,841 | |||||||||||||||
Cost of goods sold | 578,903 | 625,527 | 1,686,492 | 1,750,410 | |||||||||||||||||||
Gross profit | 400,447 | 428,937 | 1,182,175 | 1,223,431 | |||||||||||||||||||
Operating expenses | 288,991 | 291,706 | 870,859 | 852,031 | |||||||||||||||||||
Restructuring and other costs | 4,690 | 1,845 | 11,787 | 5,722 | |||||||||||||||||||
Income from operations | 106,766 | 135,386 | 299,529 | 365,678 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | (6,884) | (5,038) | (19,155) | (17,913) | |||||||||||||||||||
Interest income | 134 | 513 | 302 | 764 | |||||||||||||||||||
Other expense, net | (4,680) | (4,456) | (14,067) | (8,095) | |||||||||||||||||||
Total other expense | (11,430) | (8,981) | (32,920) | (25,244) | |||||||||||||||||||
Income before provision for income taxes | 95,336 | 126,405 | 266,609 | 340,434 | |||||||||||||||||||
Provision for income taxes | 24,024 | 31,266 | 64,604 | 84,768 | |||||||||||||||||||
Net income | 71,312 | 95,139 | 202,005 | 255,666 | |||||||||||||||||||
Less: Net (loss) income attributable to noncontrolling interest | (393) | (41) | (897) | 32 | |||||||||||||||||||
Net income attributable to MSC Industrial | $ | 71,705 | $ | 95,180 | $ | 202,902 | $ | 255,634 | |||||||||||||||
Per share data attributable to MSC Industrial: | |||||||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | 1.28 | $ | 1.70 | $ | 3.60 | $ | 4.57 | |||||||||||||||
Diluted | $ | 1.27 | $ | 1.69 | $ | 3.59 | $ | 4.56 | |||||||||||||||
Weighted-average shares used in computing net income per common share: |
|||||||||||||||||||||||
Basic | 56,214 | 55,963 | 56,323 | 55,911 | |||||||||||||||||||
Diluted | 56,351 | 56,156 | 56,514 | 56,121 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 6 |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
June 1, 2024 |
June 3, 2023 |
June 1, 2024 |
June 3, 2023 |
||||||||||||||||||||
Net income, as reported | $ | 71,312 | $ | 95,139 | $ | 202,005 | $ | 255,666 | |||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | (217) | 2,474 | 244 | 6,293 | |||||||||||||||||||
Comprehensive income | 71,095 | 97,613 | 202,249 | 261,959 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interest: | |||||||||||||||||||||||
Net loss (income) | 393 | 41 | 897 | (32) | |||||||||||||||||||
Foreign currency translation adjustments | 4 | (270) | (72) | (1,405) | |||||||||||||||||||
Comprehensive income attributable to MSC Industrial | $ | 71,492 | $ | 97,384 | $ | 203,074 | $ | 260,522 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 7 |
Thirty-Nine Weeks Ended | |||||||||||
June 1, 2024 |
June 3, 2023 |
||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | 202,005 | $ | 255,666 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 60,288 | 56,122 | |||||||||
Amortization of cloud computing arrangements | 1,437 | 784 | |||||||||
Non-cash operating lease cost | 16,679 | 14,831 | |||||||||
Stock-based compensation | 13,347 | 14,624 | |||||||||
Loss on disposal of property, plant and equipment | 363 | 481 | |||||||||
Non-cash changes in fair value of estimated contingent consideration | 661 | — | |||||||||
Provision for credit losses | 5,180 | 6,826 | |||||||||
Expenditures for cloud computing arrangements | (17,161) | (1,146) | |||||||||
Deferred income taxes and tax uncertainties | (1,072) | (915) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 12,586 | 247,557 | |||||||||
Inventories | 64,251 | (6,255) | |||||||||
Prepaid expenses and other current assets | 4,488 | 5,917 | |||||||||
Operating lease liabilities | (16,974) | (14,845) | |||||||||
Other assets | 3,272 | (211) | |||||||||
Accounts payable and accrued liabilities | (45,917) | (12,359) | |||||||||
Total adjustments | 101,428 | 311,411 | |||||||||
Net cash provided by operating activities | 303,433 | 567,077 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Expenditures for property, plant and equipment | (73,354) | (64,113) | |||||||||
Cash used in acquisitions, net of cash acquired | (9,859) | (20,182) | |||||||||
Net cash used in investing activities | (83,213) | (84,295) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Repurchases of Class A Common Stock | (167,166) | (31,072) | |||||||||
Payments of regular cash dividends | (140,695) | (132,484) | |||||||||
Proceeds from sale of Class A Common Stock in connection with Associate Stock Purchase Plan | 3,465 | 3,449 | |||||||||
Proceeds from exercise of Class A Common Stock options | 8,833 | 22,635 | |||||||||
Borrowings under credit facilities | 359,000 | 208,000 | |||||||||
Payments under credit facilities | (309,000) | (488,000) | |||||||||
Borrowings under financing obligations | 3,850 | 1,061 | |||||||||
Payments under Shelf Facility Agreements and Private Placement Debt | (50,000) | (50,000) | |||||||||
Proceeds from other long-term debt | 50,000 | — | |||||||||
Other, net | (2,762) | (1,676) | |||||||||
Net cash used in financing activities | (244,475) | (468,087) | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 131 | 196 | |||||||||
Net (decrease) increase in cash and cash equivalents | (24,124) | 14,891 | |||||||||
Cash and cash equivalents—beginning of period | 50,052 | 43,537 | |||||||||
Cash and cash equivalents—end of period | $ | 25,928 | $ | 58,428 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash paid for income taxes | $ | 66,071 | $ | 85,525 | |||||||
Cash paid for interest | $ | 18,235 | $ | 16,970 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 8 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 9 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||
Thirteen Weeks Ended June 1, 2024 | |||||||||||||||||
(In thousands, except percentages and per share data) | |||||||||||||||||
GAAP Financial Measure | Items Affecting Comparability | Non-GAAP Financial Measure | |||||||||||||||
Total MSC Industrial | Restructuring and Other Costs | Adjusted Total MSC Industrial | |||||||||||||||
Net Sales | $ | 979,350 | $ | — | $ | 979,350 | |||||||||||
Cost of Goods Sold | 578,903 | — | 578,903 | ||||||||||||||
Gross Profit | 400,447 | — | 400,447 | ||||||||||||||
Gross Margin | 40.9 | % | — | % | 40.9 | % | |||||||||||
Operating Expenses | 288,991 | — | 288,991 | ||||||||||||||
Operating Exp as % of Sales | 29.5 | % | — | % | 29.5 | % | |||||||||||
Restructuring and Other Costs | 4,690 | 4,690 | — | ||||||||||||||
Income from Operations | 106,766 | (4,690) | 111,456 | ||||||||||||||
Operating Margin | 10.9 | % | 0.5 | % | 11.4 | % | |||||||||||
Total Other Expense | (11,430) | — | (11,430) | ||||||||||||||
Income before provision for income taxes | 95,336 | (4,690) | 100,026 | ||||||||||||||
Provision for income taxes | 24,024 | (1,183) | 25,207 | ||||||||||||||
Net income | 71,312 | (3,507) | 74,819 | ||||||||||||||
Net loss attributable to noncontrolling interest | (393) | — | (393) | ||||||||||||||
Net income attributable to MSC Industrial | $ | 71,705 | $ | (3,507) | $ | 75,212 | |||||||||||
Net income per common share: | |||||||||||||||||
Diluted | $ | 1.27 | $ | (0.06) | $ | 1.33 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 10 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended June 1, 2024 | |||||||||||||||||||||||||||||
(In thousands, except percentages and per share data) | |||||||||||||||||||||||||||||
GAAP Financial Measure | Items Affecting Comparability | Non-GAAP Financial Measure | |||||||||||||||||||||||||||
Total MSC Industrial | Restructuring and Other Costs | Acquisition-Related Costs | Share Reclassification Costs | Adjusted Total MSC Industrial | |||||||||||||||||||||||||
Net Sales | $ | 2,868,667 | $ | — | $ | — | $ | — | $ | 2,868,667 | |||||||||||||||||||
Cost of Goods Sold | 1,686,492 | — | — | — | 1,686,492 | ||||||||||||||||||||||||
Gross Profit | 1,182,175 | — | — | — | 1,182,175 | ||||||||||||||||||||||||
Gross Margin | 41.2 | % | — | % | — | % | — | % | 41.2 | % | |||||||||||||||||||
Operating Expenses | 870,859 | — | 465 | 1,187 | 869,207 | ||||||||||||||||||||||||
Operating Exp as % of Sales | 30.4 | % | — | % | 0.0 | % | 0.0 | % | 30.3 | % | |||||||||||||||||||
Restructuring and Other Costs | 11,787 | 11,787 | — | — | — | ||||||||||||||||||||||||
Income from Operations | 299,529 | (11,787) | (465) | (1,187) | 312,968 | ||||||||||||||||||||||||
Operating Margin | 10.4 | % | 0.4 | % | 0.0 | % | 0.0 | % | 10.9 | % | |||||||||||||||||||
Total Other Expense | (32,920) | — | — | — | (32,920) | ||||||||||||||||||||||||
Income before provision for income taxes | 266,609 | (11,787) | (465) | (1,187) | 280,048 | ||||||||||||||||||||||||
Provision for income taxes | 64,604 | (2,767) | (113) | (288) | 67,772 | ||||||||||||||||||||||||
Net income | 202,005 | (9,020) | (352) | (899) | 212,276 | ||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | (897) | — | — | — | (897) | ||||||||||||||||||||||||
Net income attributable to MSC Industrial | $ | 202,902 | $ | (9,020) | $ | (352) | $ | (899) | $ | 213,173 | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||
Diluted | $ | 3.59 | $ | (0.16) | $ | (0.01) | $ | (0.02) | $ | 3.77 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 11 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||||||||
Thirteen Weeks Ended June 3, 2023 | |||||||||||||||||||||||
(In thousands, except percentages and per share data) | |||||||||||||||||||||||
GAAP Financial Measure | Items Affecting Comparability | Non-GAAP Financial Measure | |||||||||||||||||||||
Total MSC Industrial | Restructuring and Other Costs | Share Reclassification Costs | Adjusted Total MSC Industrial | ||||||||||||||||||||
Net Sales | $ | 1,054,464 | $ | — | $ | — | $ | 1,054,464 | |||||||||||||||
Cost of Goods Sold | 625,527 | — | — | 625,527 | |||||||||||||||||||
Gross Profit | 428,937 | — | — | 428,937 | |||||||||||||||||||
Gross Margin | 40.7 | % | — | % | — | % | 40.7 | % | |||||||||||||||
Operating Expenses | 291,706 | — | 1,373 | 290,333 | |||||||||||||||||||
Operating Exp as % of Sales | 27.7 | % | — | % | (0.1) | % | 27.5 | % | |||||||||||||||
Restructuring and Other Costs | 1,845 | 1,845 | — | — | |||||||||||||||||||
Income from Operations | 135,386 | (1,845) | (1,373) | 138,604 | |||||||||||||||||||
Operating Margin | 12.8 | % | 0.2 | % | 0.1 | % | 13.1 | % | |||||||||||||||
Total Other Expense | (8,981) | — | — | (8,981) | |||||||||||||||||||
Income before provision for income taxes | 126,405 | (1,845) | (1,373) | 129,623 | |||||||||||||||||||
Provision for income taxes | 31,266 | (505) | (376) | 32,147 | |||||||||||||||||||
Net income | 95,139 | (1,340) | (997) | 97,476 | |||||||||||||||||||
Net income attributable to noncontrolling interest | (41) | — | — | (41) | |||||||||||||||||||
Net income attributable to MSC Industrial | $ | 95,180 | $ | (1,340) | $ | (997) | $ | 97,517 | |||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Diluted | $ | 1.69 | $ | (0.02) | $ | (0.02) | $ | 1.74 |
MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS | 12 |
MSC INDUSTRIAL DIRECT CO., INC. | |||||||||||||||||||||||||||||
Reconciliation of GAAP and Non-GAAP Financial Information | |||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended June 3, 2023 | |||||||||||||||||||||||||||||
(In thousands, except percentages and per share data) | |||||||||||||||||||||||||||||
GAAP Financial Measure | Items Affecting Comparability | Non-GAAP Financial Measure | |||||||||||||||||||||||||||
Total MSC Industrial | Restructuring and Other Costs | Acquisition-Related Costs | Share Reclassification Costs | Adjusted Total MSC Industrial | |||||||||||||||||||||||||
Net Sales | $ | 2,973,841 | $ | — | $ | — | $ | — | $ | 2,973,841 | |||||||||||||||||||
Cost of Goods Sold | 1,750,410 | — | — | — | 1,750,410 | ||||||||||||||||||||||||
Gross Profit | 1,223,431 | — | — | — | 1,223,431 | ||||||||||||||||||||||||
Gross Margin | 41.1 | % | — | % | — | % | — | % | 41.1 | % | |||||||||||||||||||
Operating Expenses | 852,031 | — | 398 | 2,249 | 849,384 | ||||||||||||||||||||||||
Operating Exp as % of Sales | 28.7 | % | — | % | 0.0 | % | 0.1 | % | 28.6 | % | |||||||||||||||||||
Restructuring and Other Costs | 5,722 | 5,722 | — | — | — | ||||||||||||||||||||||||
Income from Operations | 365,678 | (5,722) | (398) | (2,249) | 374,047 | ||||||||||||||||||||||||
Operating Margin | 12.3 | % | 0.2 | % | 0.0 | % | 0.1 | % | 12.6 | % | |||||||||||||||||||
Total Other Expense | (25,244) | — | — | — | (25,244) | ||||||||||||||||||||||||
Income before provision for income taxes | 340,434 | (5,722) | (398) | (2,249) | 348,803 | ||||||||||||||||||||||||
Provision for income taxes | 84,768 | (1,424) | (100) | (560) | 86,852 | ||||||||||||||||||||||||
Net income | 255,666 | (4,298) | (298) | (1,689) | 261,951 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interest | 32 | — | — | — | 32 | ||||||||||||||||||||||||
Net income attributable to MSC Industrial | $ | 255,634 | $ | (4,298) | $ | (298) | $ | (1,689) | $ | 261,919 | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||||||||
Diluted | $ | 4.56 | $ | (0.08) | $ | (0.01) | $ | (0.03) | $ | 4.67 |