MSC Industrial's Stock Plunges Toward Biggest Loss In 15 Years After Disappointing Results, Outlook

Shares of MSC Industrial Direct Co. plummeted 13% in morning trade Wednesday, putting them on track to suffer the biggest one-day selloff in 15 years, after the metalworking and maintenance services company missed fiscal third-quarter revenue expectations and provided a downbeat profit outlook. The stock was headed for the lowest close since Nov. 4, 2016. MSC reported earlier a profit for the quarter to June 3 of $62.8 million, or $1.09 a share, compared with earnings $64.8 million, or $1.05 a share, in the same period a year ago, matching the FactSet EPS consensus of $1.09. Revenue rose to $743.9 million from $727.5 million, but missed the FactSet consensus of $745.2 million. For the fourth quarter, the company expects EPS of 97 cents to $1.01, below the FactSet consensus of $1.06, and expects revenue of $732 million to $746 million, surrounding expectations of $737 million. The stock, which is headed for the biggest decline since it shed 32% on Aug. 6, 2002, has tumbled 19% year to date, while the SPDR Industrial Select Sector ETF has climbed 11% and the S&P 500 has gained 9.1%.