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MSC Industrial Suspends Quarterly Financial Guidance Amid COVID-19 - Quick Facts

While reporting financial results for the second quarter on Wednesday, MSC Industrial Supply Co. (MSM) said it will not be providing its quarterly financial guidance until the period of heightened uncertainty passes amid the ongoing coronavirus (COVID-19) pandemic.

The company said it will be providing monthly updates on average daily sales developments following its month-end close, as well as comments on the business trends that is seen over the course of the month.

At this time, the company reduced spending across the company and took actions to further improve its liquidity position, including drawing down $300 million from its revolving credit facility.

The company added that revenues would have to decline year-over-year in the range of 40 to 50 percent for operating cash flow to turn negative, at which time, it would have taken additional significant cost down actions and could sustain multiple quarters.

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