RTTNews | Jan 6, 2021 06:49AM EST

06:49 Wednesday, January 6, 2021 (RTTNews.com) - MSC Industrial Supply Co. (MSM) reported Wednesday that net income attributable to MSC for the first quarter of fiscal 2021 declined about 41 percent to $38.5 million or $0.69 per share from $65.4 million or $1.18 per share in the prior-year quarter.

Excluding items, net income attributable to MSC was $61.7 million or $1.10 per share, compared to $67.3 million or $1.21 per share in the year-ago quarter.

Net sales for the quarter decreased 6.3 percent to $771.9 million from $823.6 million in the same quarter last year.

On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share on net sales of $770.18 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company has set its sights on two goals to be achieved by the end of fiscal 2023: growing at least 400 basis points above the Industrial Production Index and returning ROIC back into the high teens.

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