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MSC Industrial Direct (MSM) Dropped Sharply On Weak Q2 Forecast

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MSC Industrial Direct (MSM: Quote) reported first quarter adjusted net income of $1.01 per share Thursday morning, up from $0.95 per share a year ago. The consensus estimate was for EPS of $1.01. Second quarter adjusted EPS is expected to be between $0.86 and $0.90, which is below the consensus estimate of $1.02.

MSC Industrial Direct gapped open sharply lower Thursday, but moved in a narrow range throughout the session. The stock ended the day with a loss of 3.35 at $73.65 on the highest volume of the year. Shares sank to nearly a 2-week low.

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by RTT Staff Writer

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