MSC Industrial prelim Q3 net sales ~$979M, GAAP EPS $1.27; slashes FY2024 guidance

MSC INDUSTRIAL DIRECT CO INC

2024-Q3 EPS reported $3.59 revenue$2,868,667,000

Preliminary Q3 net sales ~$978-980M (down 7.1-7.3% YoY); GAAP EPS $1.26-1.28, adjusted $1.32-1.34.
Full-year FY2024 guidance cut: ADS growth now (4.7)%-(4.3)% (prior 0%-5%); adjusted op margin 10.5%-10.7% (prior 12.0-12.8%).
Gross margins ~60bps below expectations from product/customer mix and unexpected web price realignment dilution.
CEO cites heavy manufacturing softness and slower Core Customer ramp; corrective actions on web pricing underway.
Final Q3 results and conference call scheduled for July 2, 2024.

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