MSC Industrial Direct (US:MSM)2021-12-22 17:09Financial Performance - Net sales increased to $848.5 million in Q1 2022 from $771.9 million in Q1 2021[6,8], representing a 9.9% increase[6,8] - Gross profit increased to $352.6 million in Q1 2022 from $323.3 million in Q1 2021[6,8], with gross margin declining slightly from 41.9% to 41.6%[6,8] - Operating profit increased to $90.7 million in Q1 2022 from $53.9 million in Q1 2021[6], with operating margin increasing from 7.0% to 10.7%[6] - Adjusted operating profit increased to $96.0 million in Q1 2022 from $84.9 million in Q1 2021[8], with adjusted operating margin increasing from 11.0% to 11.3%[8] - Earnings per diluted share increased to $1.18 in Q1 2022 from $0.69 in Q1 2021[6] - Adjusted earnings per diluted share increased to $1.25 in Q1 2022 from $1.11 in Q1 2021[8] Balance Sheet and Liquidity - Free cash flow decreased to $42.5 million in Q1 2022 from $95.3 million in Q1 2021[15] - Net debt increased to $699.9 million in Q1 2022 from $437.0 million in Q1 2021[16] Strategic Initiatives - The company is targeting at least $100 million in total program savings by the end of fiscal year 2023 versus fiscal year 2019[19] - The company achieved $10 million in savings in Q1 2022 related to Mission Critical initiatives[19]