MSC Industrial Direct (MSM) Q4 FY2023 earnings: revenue $1.0 billion, up 1.3% on the year

MSC Industrial Direct Co. Inc. (MSM) reported revenue of $1.0 billion for Q4 FY2023, the quarter ended 2 September 2023, up 1.3% on the same quarter a year earlier. Net income was $88 million, down 15.9% on the year, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 25 October 2023.

Revenue$1.0 billionup 1.3%

Net income$88 milliondown 15.9%

Diluted EPS$1.56

QuarterQ4 FY2023ended 2 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,035	n/a	n/a	n/a
Cost of revenue	616	n/a	n/a	n/a
Gross profit	420	n/a	n/a	n/a
Gross margin	40.5%	n/a	n/a
Operating income	118	n/a	n/a	n/a
Operating margin	11.4%	n/a	n/a
Interest expense	4.6	n/a	n/a	n/a
Pre-tax income	116	n/a	n/a	n/a
Income tax	28.3	n/a	n/a	n/a
Effective tax rate	24.4%	n/a	n/a
Net income	87.6	n/a	n/a	n/a
Net margin	8.5%	n/a	n/a
Diluted EPS	$1.56	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	133	n/a	n/a	n/a
Capital expenditure	28.4	n/a	n/a	n/a
Free cash flow	104	n/a	n/a	n/a
Free cash flow margin	10.1%	n/a	n/a
Cash from investing	-28.4	n/a	n/a	n/a
Cash from financing	-112	n/a	n/a	n/a
Depreciation and amortisation	19.0	n/a	n/a	n/a
Share-based compensation	4.0	n/a	n/a	n/a
Buybacks	64.7	n/a	n/a	n/a
Diluted shares, weighted	56m	n/a	n/a	n/a
Shares outstanding at period end	57m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	1,479	n/a	n/a	n/a
Non-controlling interest	13.4	n/a	n/a	n/a
Debt	454	n/a	n/a	n/a
Operating lease liabilities	45.9	n/a	n/a	n/a
Finance lease liabilities	0.2	n/a	n/a	n/a
Other liabilities	552	n/a	n/a	n/a
Total liabilities and equity	2,544	n/a	n/a	n/a
Fixed assets	320	n/a	n/a	n/a
Goodwill	718	n/a	n/a	n/a
Intangible assets	111	n/a	n/a	n/a
Cash and equivalents	50.1	n/a	n/a	n/a
Receivables	435	n/a	n/a	n/a
Inventory	727	n/a	n/a	n/a
Other assets	184	n/a	n/a	n/a
Total assets	2,544	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,035	954	935	979	952	928	892	971	978	966	918	1,047
Cost of revenue	616	561	547	579	562	550	526	573	583	573	540	617
Gross profit	420	393	389	400	391	378	365	398	395	393	378	430
Gross margin	41%	41%	42%	41%	41%	41%	41%	41%	40%	41%	41%	41%
Operating income	118	102	91.2	107	90.9	72.3	62.2	82.7	84.3	76.2	64.8	107
Operating margin	11%	11%	10%	11%	10%	8%	7%	9%	9%	8%	7%	10%
Interest expense	4.6	5.3	7.0	6.9	6.6	6.1	6.2	6.0	5.7	5.4	5.6	5.4
Pre-tax income	116	91.3	80.0	95.3	76.1	60.6	51.7	75.1	76.1	67.5	56.0	104
Tax rate	24%	24%	23%	25%	29%	25%	24%	24%	26%	24%	25%	24%
Net income	87.6	69.3	61.8	71.7	55.7	46.6	39.3	56.8	56.5	51.8	42.5	80.4
Net margin	8%	7%	7%	7%	6%	5%	4%	6%	6%	5%	5%	8%
Diluted EPS	$1.56	$1.22	$1.10	$1.27	$0.99	$0.83	$0.70	$1.02	$1.01	$0.93	$0.76	$1.44
Operating cash flow	133	81.2	78.7	144	107	102	54.5	97.1	80.3	29.4	94.4	102
Capital expenditure	28.4	18.4	25.4	29.6	26.1	20.2	29.8	21.2	21.7	22.0	21.3	20.8
Free cash flow	104	62.7	53.4	114	81.2	81.7	24.7	76.0	58.5	7.4	73.1	80.9
Buybacks	64.7	132	16.6	18.5	20.5	18.1	12.5	8.6	0.2	13.0	0.8	0.2
Shares outstanding	57m	56m	56m	56m	56m	56m	56m	56m	56m	56m	56m	56m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 2 September 2023, filed 25 October 2023, accession 0001003078-23-000102: the filing on EDGAR. All of MSC Industrial Direct Co. Inc.'s filings: EDGAR company page.

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