EX-99.1 2 pressreleaseq3722024.htm EX-99.1 Document
Exhibit 99.1
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NEWS


MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS

FISCAL 2024 Q3 HIGHLIGHTS

•Net sales of $979.4 million decreased 7.1% YoY and includes a roughly 300 basis point headwind from non-repeating Public Sector orders in the prior year
•Operating income of $106.8 million, or $111.5 million adjusted to exclude restructuring and other costs1
•Operating margin of 10.9%, or 11.4% excluding the adjustments described above1
•Diluted EPS of $1.27 vs. $1.69 in the prior fiscal year quarter
•Adjusted diluted EPS of $1.33 vs. $1.74 in the prior fiscal year quarter1

MELVILLE, NY and DAVIDSON, NC, JULY 2, 2024 - MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), "MSC," “MSC Industrial” or the "Company," a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services, today reported financial results for its fiscal 2024 third quarter ended June 1, 2024.

Financial Highlights 2
FY24 Q3FY23 Q3ChangeFY24 YTDFY23 YTDChange
Net Sales$979.4 $1,054.5 (7.1)%$2,868.7 $2,973.8 (3.5)%
Income from Operations $106.8 $135.4 (21.1)%$299.5 $365.7 (18.1)%
Operating Margin 10.9 %12.8 %10.4 %12.3 %
Net Income Attributable to MSC$71.7 $95.2 (24.7)%$202.9 $255.6 (20.6)%
Diluted EPS$1.27 
3
$1.69 
4
(24.9)%$3.59 
3
$4.56 
4
(21.3)%
 
Adjusted Financial Highlights 2
FY24 Q3FY23 Q3ChangeFY24 YTDFY23 YTDChange
Net Sales$979.4 $1,054.5 (7.1)%$2,868.7 $2,973.8 (3.5)%
Adjusted Income from Operations 1
$111.5 $138.6 (19.6)%$313.0 $374.0 (16.3)%
Adjusted Operating Margin 1
11.4 %13.1 %10.9 %12.6 %
Adjusted Net Income Attributable to MSC 1
$75.2 $97.5 (22.9)%$213.2 $261.9 (18.6)%
Adjusted Diluted EPS 1
$1.33 
3
$1.74 
4
(23.6)%$3.77 
3
$4.67 
4
(19.3)%

1 Represents a non-GAAP financial measure. An explanation and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure are presented in the schedules accompanying this press release.
2 In millions except percentages and per share data or as otherwise noted.
3 Based on 56.4 million and 56.5 million weighted-average diluted shares outstanding for FY24 Q3 and FY24 YTD, respectively.
4 Based on 56.2 million and 56.1 million weighted-average diluted shares outstanding for FY23 Q3 and FY23 YTD, respectively.

Erik Gershwind, President and Chief Executive Officer, said, “As announced on June 13th, we began the second half of our fiscal year with unexpected gross margin pressure and a slower than expected recovery in average daily sales, particularly within our Core customer base. As a result, our third quarter performance was below expectations and led to a revised full year outlook. We responded with swift corrective actions to improve gross margin trending and accelerate progress on the rollout of our web enhancements.”

Kristen Actis-Grande, Executive Vice President and Chief Financial Officer, added, “Average daily sales declined 7.1% in the fiscal third quarter driven by non-repeating Public Sector orders in the prior year and softness in manufacturing verticals where we have heavy exposure. While we are encouraged by continued strong cash flow generation, these results nonetheless fell below our expectations. We are laser focused on realizing the expected benefits of our organic growth investments to drive progress towards our long-term targets.”

Gershwind concluded, “Looking forward, as our corrective actions take hold, we will remain steadfast in our approach to unlocking the value creation potential of MSC. We are doing this by leaning into the core pillars of our Mission Critical initiatives — Maintaining Momentum, Reenergizing the Core Customer, and Optimizing Cost to Serve. While results to date in fiscal 2024 are not up to our standards, we are confident we have the talent and strategy in place to achieve our long-term goals and create meaningful value for all stakeholders.”



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Fiscal 2024 Full Year Financial Outlook
CurrentPrior
ADS Growth (YoY)(4.7)% - (4.3)%0% - 5%
Adjusted Operating Margin1
10.5% - 10.7%12.0% - 12.8%
Depreciation and Amortization Expense~$80M~$85M
Interest and Other Expense~$45M$40M - $50M
Operating Cash Flow Conversion2
>125%>125%
Tax Rate24.0% - 24.5%24.0% - 24.5%

(1) Guidance provided is a non-GAAP figure presented on an adjusted basis. For further details see the Non-GAAP financial measures information presented in the schedules accompanying this press release.
(2) The Company defines Operating Cash Flow Conversion as Net cash provided by operating activities as a percentage of Net income. The Company’s management uses Operating Cash Flow Conversion to evaluate the Company’s operating performance, in particular how efficiently the Company turns its sales and profits into cash, and to assess the efficiency of the Company’s use of working capital. The Company believes Operating Cash Flow Conversion is useful to investors for the foregoing reasons and as a measure of the rate at which the Company converts its net income reported in accordance with GAAP to cash inflows, which helps investors assess whether the Company is generating sufficient cash flow to provide an adequate return.


Conference Call Information
MSC will host a conference call today at 8:30 a.m. EDT to review the Company’s fiscal 2024 third quarter results. The call, accompanying slides, and other operational statistics may be accessed at: https://investor.mscdirect.com. The conference call may also be accessed at 1-877-443-5575 (U.S.), 1-855-669-9657 (Canada) or 1-412-902-6618 (international).

An online archive of the broadcast will be available until July 16, 2024. The Company’s reporting date for its fiscal 2024 fourth quarter and full year results is scheduled for October 24, 2024.

Contact Information
Investors:Media:
Ryan Mills, CFA
Zivanai Mutize
Head of Investor RelationsHead of Corporate Communications
rmills@mscdirect.comzivanai.mutize@mscdirect.com

About MSC Industrial Supply Co.
MSC Industrial Supply Co. (NYSE:MSM) is a leading North American distributor of a broad range of metalworking and maintenance, repair and operations (MRO) products and services. We help our customers drive greater productivity, profitability and growth with approximately 2.4 million products, inventory management and other supply chain solutions, and deep expertise from more than 80 years of working with customers across industries. Our experienced team of more than 7,000 associates works with our customers to help drive results for their businesses - from keeping operations running efficiently today to continuously rethinking, retooling and optimizing for a more productive tomorrow. For more information on MSC Industrial, please visit mscdirect.com.

Cautionary Note Regarding Forward-Looking Statements
Statements in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including statements about results of operations and financial condition, expected future results, expected benefits from our investment and strategic plans and other initiatives, and expected future growth, profitability and return on invested capital, are forward-looking statements. The words “will,” “may,” “believes,” “anticipates,” “thinks,” “expects,” “estimates,” “plans,” “intends” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In addition, statements which refer to expectations, projections or other characterizations of future events or circumstances, statements involving a discussion of strategy, plans or intentions, statements about management’s assumptions, projections or predictions of future events or market outlook and any other statement other than a statement of present or historical fact are forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by MSC or any other person that the events or circumstances described in such statement are material. In addition, new risks may emerge from time to time and it is not possible for management to predict such risks or to assess the impact of such risks on our business or financial results. Accordingly, future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: general economic conditions in the markets in which we operate; changing customer and product mixes; volatility in commodity and energy prices, the impact of prolonged periods of low, high or rapid inflation, and fluctuations in interest rates; competition, including the adoption by competitors of aggressive pricing strategies or sales methods; industry consolidation and other changes in the industrial distribution sector; our ability to realize the expected benefits from our investment and strategic plans; our ability to realize the expected cost savings and benefits from our restructuring activities and structural cost reductions; the retention of key management personnel; the credit risk of our customers; the risk of customer cancellation or rescheduling of orders; difficulties in calibrating customer demand for our products, which could cause an inability to sell excess products ordered from manufacturers resulting in inventory write-downs or could conversely cause inventory shortages of such products; work stoppages, labor shortages or other disruptions, including those due to extreme weather conditions, at

MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS
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transportation centers, shipping ports, our headquarters or our customer fulfillment centers; disruptions or breaches of our information technology systems or violations of data privacy laws; our ability to attract, train and retain qualified sales and customer service personnel and metalworking and specialty sales specialists; the risk of loss of key suppliers or contractors or key brands or supply chain disruptions; changes to governmental trade or sanctions policies, including the impact from significant import restrictions or tariffs or moratoriums on economic activity with certain countries or regions; risks related to opening or expanding our customer fulfillment centers; our ability to estimate the cost of healthcare claims incurred under our self-insurance plan; litigation risk due to the nature of our business; risks associated with the integration of acquired businesses or other strategic transactions; financial restrictions on outstanding borrowings; our ability to maintain our credit facilities or incur additional borrowings on terms we deem attractive; the failure to comply with applicable environmental, health and safety laws and regulations and other laws and regulations applicable to our business; the outcome of government or regulatory proceedings; goodwill and other indefinite-lived intangible assets recorded as a result of our acquisitions could become impaired; our common stock price may be volatile due to factors outside of our control; the significant influence that our principal shareholders will continue to have over our decisions; and our ability to realize the desired benefits from the share reclassification. Additional information concerning these and other risks is described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual and Quarterly Reports on Forms 10-K and 10-Q, respectively, and in the other reports and documents that we file with the United States Securities and Exchange Commission. We expressly disclaim any obligation to update any of these forward-looking statements, except to the extent required by applicable law.

























































MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS
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MSC INDUSTRIAL DIRECT CO., INC.
Condensed Consolidated Balance Sheets
(In thousands)
June 1,
2024		September 2,
2023
ASSETS(Unaudited)
Current Assets:
     Cash and cash equivalents $25,928 $50,052 
     Accounts receivable, net of allowance for credit losses 419,810 435,421 
     Inventories665,638 726,521 
     Prepaid expenses and other current assets 101,472 105,519 
          Total current assets1,212,848 1,317,513 
Property, plant and equipment, net344,787 319,660 
Goodwill721,932 718,174 
Identifiable intangibles, net102,854 110,641 
Operating lease assets60,878 65,909 
Other assets24,495 12,237 
          Total assets$2,467,794 $2,544,134 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of debt including obligations under finance leases$206,335 $229,935 
Current portion of operating lease liabilities22,235 21,168 
Accounts payable 205,644 226,299 
Accrued expenses and other current liabilities 149,298 172,034 
Total current liabilities 583,512 649,436 
Long-term debt including obligations under finance leases299,812 224,391 
Noncurrent operating lease liabilities39,532 45,924 
Deferred income taxes and tax uncertainties 130,729 131,801 
Total liabilities 1,053,585 1,051,552 
Commitments and Contingencies
Shareholders’ Equity:
     Preferred Stock— — 
     Class A Common Stock57 48 
     Class B Common Stock— 9 
     Additional paid-in capital1,063,738 849,502 
     Retained earnings470,085 755,007 
     Accumulated other comprehensive loss(17,553)(17,725)
     Class A treasury stock, at cost(114,711)(107,677)
          Total MSC Industrial shareholders’ equity 1,401,616 1,479,164 
     Noncontrolling interest12,593 13,418 
          Total shareholders’ equity1,414,209 1,492,582 
          Total liabilities and shareholders’ equity$2,467,794 $2,544,134 


MSC INDUSTRIAL SUPPLY CO. REPORTS FISCAL 2024 THIRD QUARTER RESULTS
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MSC INDUSTRIAL DIRECT CO., INC.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)

Thirteen Weeks EndedThirty-Nine Weeks Ended
June 1,
2024		June 3,
2023		June 1,
2024		June 3,
2023
Net sales $979,350 $1,054,464 $2,868,667 $2,973,841 
Cost of goods sold 578,903 625,527 1,686,492 1,750,410 
  Gross profit400,447 428,937 1,182,175 1,223,431 
Operating expenses 288,991 291,706 870,859 852,031 
Restructuring and other costs 4,690 1,845 11,787 5,722 
  Income from operations106,766 135,386 299,529 365,678 
Other income (expense):
  Interest expense(6,884)(5,038)(19,155)(17,913)
  Interest income134 513 302 764 
  Other expense, net(4,680)(4,456)(14,067)(8,095)
Total other expense (11,430)(8,981)(32,920)(25,244)
  Income before provision for income taxes95,336 126,405 266,609 340,434 
Provision for income taxes 24,024 31,266 64,604 84,768 
  Net income71,312 95,139 202,005 255,666 
Less: Net (loss) income attributable to noncontrolling interest(393)(41)(897)32 
  Net income attributable to MSC Industrial$71,705 $95,180 $202,902 $255,634 
Per share data attributable to MSC Industrial:
     Net income per common share:
  Basic$1.28 $1.70 $3.60 $4.57 
  Diluted$1.27 $1.69 $3.59 $4.56 
     Weighted-average shares used in computing
    net income per common share:
  Basic56,21455,96356,32355,911
  Diluted56,35156,15656,51456,121





















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MSC INDUSTRIAL DIRECT CO., INC.
Condensed Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)

Thirteen Weeks EndedThirty-Nine Weeks Ended
June 1,
2024		June 3,
2023		June 1,
2024		June 3,
2023
Net income, as reported$71,312 $95,139 $202,005 $255,666 
Other comprehensive income, net of tax:
     Foreign currency translation adjustments(217)2,474 244 6,293 
Comprehensive income 71,095 97,613 202,249 261,959 
Comprehensive income attributable to noncontrolling interest:
     Net loss (income)393 41 897 (32)
     Foreign currency translation adjustments4 (270)(72)(1,405)
Comprehensive income attributable to MSC Industrial$71,492 $97,384 $203,074 $260,522 


















































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MSC INDUSTRIAL DIRECT CO., INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)(Unaudited)
Thirty-Nine Weeks Ended
June 1,
2024		June 3,
2023
Cash Flows from Operating Activities:
Net income $202,005 $255,666 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 60,288 56,122 
Amortization of cloud computing arrangements1,437 784 
Non-cash operating lease cost16,679 14,831 
Stock-based compensation 13,347 14,624 
Loss on disposal of property, plant and equipment363 481 
Non-cash changes in fair value of estimated contingent consideration661 — 
Provision for credit losses 5,180 6,826 
Expenditures for cloud computing arrangements (17,161)(1,146)
Deferred income taxes and tax uncertainties(1,072)(915)
Changes in operating assets and liabilities:
Accounts receivable 12,586 247,557 
Inventories 64,251 (6,255)
Prepaid expenses and other current assets 4,488 5,917 
Operating lease liabilities(16,974)(14,845)
Other assets3,272 (211)
Accounts payable and accrued liabilities(45,917)(12,359)
Total adjustments 101,428 311,411 
Net cash provided by operating activities 303,433 567,077 
Cash Flows from Investing Activities:
Expenditures for property, plant and equipment (73,354)(64,113)
Cash used in acquisitions, net of cash acquired (9,859)(20,182)
Net cash used in investing activities (83,213)(84,295)
Cash Flows from Financing Activities:
Repurchases of Class A Common Stock(167,166)(31,072)
Payments of regular cash dividends (140,695)(132,484)
Proceeds from sale of Class A Common Stock in connection with Associate Stock Purchase Plan 3,465 3,449 
Proceeds from exercise of Class A Common Stock options 8,833 22,635 
Borrowings under credit facilities359,000 208,000 
Payments under credit facilities(309,000)(488,000)
Borrowings under financing obligations3,850 1,061 
Payments under Shelf Facility Agreements and Private Placement Debt(50,000)(50,000)
Proceeds from other long-term debt50,000 — 
Other, net(2,762)(1,676)
Net cash used in financing activities (244,475)(468,087)
Effect of foreign exchange rate changes on cash and cash equivalents 131 196 
Net (decrease) increase in cash and cash equivalents (24,124)14,891 
Cash and cash equivalents—beginning of period 50,052 43,537 
Cash and cash equivalents—end of period $25,928 $58,428 
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes $66,071 $85,525 
Cash paid for interest $18,235 $16,970 





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Non-GAAP Financial Measures

To supplement MSC’s unaudited selected financial data presented consistent with accounting principles generally accepted in the United States (“GAAP”), the Company discloses certain non-GAAP financial measures, including non-GAAP income from operations, non-GAAP operating margin, non-GAAP provision for income taxes, non-GAAP net income and non-GAAP diluted earnings per share, that exclude restructuring and other costs, acquisition-related costs, share reclassification costs, and tax effects.

These non-GAAP financial measures are not presented in accordance with GAAP or an alternative for GAAP financial measures and may be different from similar non-GAAP financial measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measure and should only be used to evaluate MSC’s results of operations in conjunction with the corresponding GAAP financial measure.

This press release also includes certain forward-looking information that is not presented in accordance with GAAP. The Company believes that a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts because a reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of potential future events such as restructurings, M&A activity and other infrequent or unusual gains and losses. Neither the timing or likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided.

•Results Excluding Restructuring and Other Costs, Acquisition-Related Costs and Share Reclassification Costs

In calculating non-GAAP financial measures, we exclude restructuring and other costs, acquisition-related costs and share reclassification costs, and tax effects. Management makes these adjustments to facilitate a review of the Company’s operating performance on a comparable basis between periods, for comparing with forecasts and strategic plans, for identifying and analyzing trends in the Company’s underlying business and for benchmarking performance externally against competitors. We believe that investors benefit from seeing results from the perspective of management in addition to seeing results presented in accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.








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MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Thirteen Weeks Ended June 1, 2024
(In thousands, except percentages and per share data)
GAAP Financial MeasureItems Affecting ComparabilityNon-GAAP Financial Measure
Total MSC IndustrialRestructuring and Other Costs Adjusted Total MSC Industrial
Net Sales $979,350 $— $979,350 
Cost of Goods Sold578,903 — 578,903 
Gross Profit400,447 — 400,447 
Gross Margin40.9 %— %40.9 %
Operating Expenses288,991 — 288,991 
Operating Exp as % of Sales29.5 %— %29.5 %
Restructuring and Other Costs 4,690 4,690 — 
Income from Operations106,766 (4,690)111,456 
Operating Margin10.9 %0.5 %11.4 %
Total Other Expense(11,430)— (11,430)
Income before provision for income taxes95,336 (4,690)100,026 
Provision for income taxes24,024 (1,183)25,207 
Net income71,312 (3,507)74,819 
Net loss attributable to noncontrolling interest(393)— (393)
Net income attributable to MSC Industrial$71,705 $(3,507)$75,212 
Net income per common share:
     Diluted$1.27 $(0.06)$1.33 

*Individual amounts may not agree to the total due to rounding.





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MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Thirty-Nine Weeks Ended June 1, 2024
(In thousands, except percentages and per share data)
GAAP Financial MeasureItems Affecting ComparabilityNon-GAAP Financial Measure
Total MSC IndustrialRestructuring and Other Costs Acquisition-Related CostsShare Reclassification CostsAdjusted Total MSC Industrial
Net Sales $2,868,667 $— $— $— $2,868,667 
Cost of Goods Sold1,686,492 — — — 1,686,492 
Gross Profit1,182,175 — — — 1,182,175 
Gross Margin41.2 %— %— %— %41.2 %
Operating Expenses870,859 — 465 1,187 869,207 
Operating Exp as % of Sales30.4 %— %0.0 %0.0 %30.3 %
Restructuring and Other Costs 11,787 11,787 — — — 
Income from Operations299,529 (11,787)(465)(1,187)312,968 
Operating Margin10.4 %0.4 %0.0 %0.0 %10.9 %
Total Other Expense(32,920)— — — (32,920)
Income before provision for income taxes266,609 (11,787)(465)(1,187)280,048 
Provision for income taxes64,604 (2,767)(113)(288)67,772 
Net income202,005 (9,020)(352)(899)212,276 
Net loss attributable to noncontrolling interest(897)— — — (897)
Net income attributable to MSC Industrial$202,902 $(9,020)$(352)$(899)$213,173 
Net income per common share:
     Diluted$3.59 $(0.16)$(0.01)$(0.02)$3.77 

*Individual amounts may not agree to the total due to rounding.










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MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Thirteen Weeks Ended June 3, 2023
(In thousands, except percentages and per share data)
GAAP Financial MeasureItems Affecting ComparabilityNon-GAAP Financial Measure
Total MSC IndustrialRestructuring and Other Costs Share Reclassification Costs Adjusted Total MSC Industrial
Net Sales $1,054,464 $— $— $1,054,464 
Cost of Goods Sold625,527 — — 625,527 
Gross Profit428,937 — — 428,937 
Gross Margin40.7 %— %— %40.7 %
Operating Expenses291,706 — 1,373 290,333 
Operating Exp as % of Sales27.7 %— %(0.1)%27.5 %
Restructuring and Other Costs 1,845 1,845 — — 
Income from Operations135,386 (1,845)(1,373)138,604 
Operating Margin12.8 %0.2 %0.1 %13.1 %
Total Other Expense(8,981)— — (8,981)
Income before provision for income taxes126,405 (1,845)(1,373)129,623 
Provision for income taxes31,266 (505)(376)32,147 
     Net income95,139 (1,340)(997)97,476 
     Net income attributable to noncontrolling interest(41)— — (41)
     Net income attributable to MSC Industrial$95,180 $(1,340)$(997)$97,517 
Net income per common share:
     Diluted$1.69 $(0.02)$(0.02)$1.74 

*Individual amounts may not agree to the total due to rounding.



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MSC INDUSTRIAL DIRECT CO., INC.
Reconciliation of GAAP and Non-GAAP Financial Information
Thirty-Nine Weeks Ended June 3, 2023
(In thousands, except percentages and per share data)
GAAP Financial MeasureItems Affecting ComparabilityNon-GAAP Financial Measure
Total MSC IndustrialRestructuring and Other Costs Acquisition-Related Costs Share Reclassification CostsAdjusted Total MSC Industrial
Net Sales $2,973,841 $— $— $— $2,973,841 
Cost of Goods Sold1,750,410 — — — 1,750,410 
Gross Profit1,223,431 — — — 1,223,431 
Gross Margin41.1 %— %— %— %41.1 %
Operating Expenses852,031 — 398 2,249 849,384 
Operating Exp as % of Sales28.7 %— %0.0 %0.1 %28.6 %
Restructuring and Other Costs 5,722 5,722 — — — 
Income from Operations365,678 (5,722)(398)(2,249)374,047 
Operating Margin12.3 %0.2 %0.0 %0.1 %12.6 %
Total Other Expense(25,244)— — — (25,244)
Income before provision for income taxes340,434 (5,722)(398)(2,249)348,803 
Provision for income taxes84,768 (1,424)(100)(560)86,852 
     Net income255,666 (4,298)(298)(1,689)261,951 
     Net income attributable to noncontrolling interest32 — — — 32 
     Net income attributable to MSC Industrial$255,634 $(4,298)$(298)$(1,689)$261,919 
Net income per common share:
     Diluted$4.56 $(0.08)$(0.01)$(0.03)$4.67 

*Individual amounts may not agree to the total due to rounding.