MSC Industrial Direct (US:MSM)2021-10-20 19:05Financial Performance - Net sales for Q4 2021 increased by 98% to $8310 million compared to $7477 million in Q4 2020[6] - Gross profit for Q4 2021 was $3490 million or 420% of sales compared to $3111 million or 416% of sales in Q4 2020[6] - Adjusted operating profit for Q4 2021 was $969 million or 117% of sales compared to $841 million or 112% of sales in Q4 2020[8] - Earnings per diluted share for Q4 2021 were $118 compared to $094 in Q4 2020[6] - Adjusted earnings per diluted share for Q4 2021 were $126 compared to $109 in Q4 2020[8] - Net sales for fiscal year 2021 increased by 16% to $32432 million compared to $31924 million in fiscal year 2020[10] Strategic Initiatives - The company achieved $40 million in Mission Critical savings in fiscal year 2021 and increased expected total program savings to at least $100 million by fiscal year 2023[4] - The company is targeting at least $100 million in total program savings by the end of fiscal year 2023 versus fiscal year 2019[23] - The company reaffirms fiscal year 2022 incremental margin target of 20 percent[4] Balance Sheet and Liquidity - Free cash flow was $690 million in Q4 2021 compared to $1707 million in Q4 2020[17] - Net debt was $7455 million in Q4 2021 compared to $4941 million in Q4 2020[18]