Key Developments: MSC Industrial Direct Co Inc (MSM)
83.87USD
17 May 2013
$0.87 (+1.05%)
$83.00
$83.24
$83.96
$83.02
329,847
382,808
$87.92
$61.39
Latest Key Developments (Source: Significant Developments)
MSC Industrial Direct Co Inc Announces Completion Of Acquisition Of Barnes Group Inc's North American Distribution Business
MSC Industrial Direct Co Inc announced that it has completed the acquisition of the North American distribution business (BDNA or the Business) of Barnes Group Inc. for $550 million. MSC financed the purchase of BDNA utilizing both existing cash and a new credit facility, which was closed simultaneously with the acquisition. The new credit facility includes a fully drawn $250 million term loan and a $400 million revolver, of which $120 million was drawn at closing to fund the acquisition. As previously announced, run-rate cost synergies are expected to reach $15-$20 million by fiscal 2015. The acquisition is expected to be accretive to cash flow and earnings per diluted share (EPS), including synergies and excluding transaction and integration costs, by contributing an expected incremental EPS of $0.15-$0.20 and $0.30-$0.40 in fiscal years 2014 and 2015, respectively. Full Article
MSC Industrial Direct Co Inc Issues Q3 2013 Guidance Below Analysts' Estimates
MSC Industrial Direct Co Inc announced that based on a continuation of current market conditions, for the third quarter of 2013, the Company expects net sales to be between $597 million and $609 million reflecting flat average daily sales growth at the midpoint. Excluding non-recurring costs related to the co-location of the Company's headquarters in Davidson, North Carolina and the effects of the pending acquisition of BDNA, including non-recurring transaction and integration costs, the Company expects adjusted diluted earnings per share for the third quarter of 2013 to be between $0.95 and $0.99. Guidance reflects the existing soft demand environment and the lack of a mid-year price adjustment. The Company expects the non-recurring costs related to the co-location of the Company's headquarters to have a $0.01 impact on its GAAP diluted earnings per share in the third quarter. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $633 million and EPS of $1.10 for third quarter of 2013. Full Article
MSC Industrial Direct Co Inc Declares Cash Dividend
MSC Industrial Direct Co Inc announced that its Board of Directors has declared a cash dividend of $0.30 per share. The $0.30 dividend is payable on April 30, 2013 to shareholders of record at the close of business on April 16, 2013. Full Article
MSC Industrial Direct Co Inc To Acquire Barnes Distribution North America
MSC Industrial Direct Co Inc announced that it has signed a definitive agreement to acquire substantially all of the assets and assume certain liabilities of the North American distribution business (BDNA or the Business) of the Barnes Group Inc. The purchase price will be $550 million and the asset purchase structure results in future tax benefits with a net present value estimated to be more than $100 million. The acquisition is expected to close during the Company's fiscal third quarter. The majority of transaction and integration costs will be incurred in fiscal years 2013 and 2014. Goldman, Sachs & Co. acted as exclusive financial advisor to MSC and Curtis, Mallet-Prevost, Colt & Mosle LLP acted as legal counsel to MSC on the transaction. Full Article
MSC Industrial Direct Co Inc Issues Q2 2013 Guidance
MSC Industrial Direct Co Inc announced that based on a continuation of current market conditions, for the 2013 second quarter of 2013, the Company expects net sales to be between $563 million and $575 million reflecting projected average daily sales growth of 1.0% at the midpoint. Excluding non-recurring costs related to the co-location of the Company's headquarters in Davidson, North Carolina, the Company expects adjusted diluted earnings per share (EPS) for the second quarter of 2013 to be between $0.86 and $0.90. Guidance reflects the soft demand environment and the lack of a mid-year price adjustment. Full Article
MSC Industrial Direct Co Inc Declares Regular Quarterly Dividend
MSC Industrial Direct Co Inc announced that the Board of Directors has declared an accelerated quarterly cash dividend of $0.30 per share. The $0.30 dividend is payable on December 27, 2012 to shareholders of record at the close of business on December 17, 2012. Full Article
MSC Industrial Direct Co Inc Issues Q1 2013 Guidance Below Analysts' Estimates
MSC Industrial Direct Co Inc announced that for first quarter of 2013, it expects net sales to be between $576-$588 million, adjusted diluted earnings per share to be between $0.98-$1.02, GAAP diluted earnings per share to be lower than the guidance by approximately $0.02 per diluted share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $607 million and EPS of $1.03 for first quarter of 2013. Full Article
MSC Industrial Direct Co Inc Announces Completion of Management Succession Plan
MSC Industrial Direct Co Inc announced that Erik Gershwind will become President and Chief Executive Officer, effective January 1, 2013, as part of the Company's previously announced succession plan. Mr. Gershwind, currently President and Chief Operating Officer, will succeed current Chief Executive Officer, David Sandler. Upon the completion of this transition on January 1st and as previously announced, Mr. Sandler will serve as Executive Vice Chairman of the Company's Board of Directors until at least calendar year 2017. As Executive Vice Chairman, Mr. Sandler will continue to play an important role in the Company, providing leadership and guidance to the Company's executive team. Additionally, Chairman of the Board Mitchell Jacobson will become Non-Executive Chairman. Full Article
MSC Industrial Direct Co Inc Declares 20% Increase In Regular Quarterly Dividend
MSC Industrial Direct Co Inc announced that its Board of Directors has declared a cash dividend of $0.30 per share, representing a 20% increase from $0.25 per share, in the regular quarterly dividend. The $0.30 dividend is payable on November 21, 2012 to shareholders of record at the close of business on November 7, 2012. Full Article
MSC Industrial Direct, Co., Inc. Issues Q4 2012 Mixed Guidance-Conference Call
MSC Industrial Direct, Co., Inc. announced that for fourth quarter of 2012, it expects revenue to be in the range of $630-$642 million and fully diluted earnings per share (EPS) in the share of $1.05-$1.09. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $627 million and EPS of $1.10 for fourth quarter of 2012. Full Article
Deals of the day -- mergers and acquisitions
(Adds MSC Industrial, Rosneft,Morgan Stanley Real Estate Investing, Western Energy Services, SNI, Magellan Midstream; updates Polyus Gold, Gardner Denver)
Earnings vs. 
Estimates
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