MSC Industrial Direct Co. (MSM) shares plummeted 7.45% in pre-market trading on Wednesday following the release of its fiscal second-quarter earnings report.

The sharp decline was driven by the company's quarterly results, which fell short of analyst expectations. MSC Industrial reported adjusted earnings per share of $0.82, missing the consensus estimate of $0.84. Furthermore, quarterly sales of $917.8 million also missed the analyst forecast of $931.7 million.

Despite the misses, the company noted some positive developments, including gross margin expansion and cost-cutting measures that led to a higher operating margin. MSC Industrial also provided its outlook for the third quarter, expecting average daily sales growth of 5% to 7% year-over-year and an adjusted operating margin between 9.7% and 10.3%.