MSC Industrial Direct (NYSE: MSM) reported decent third-quarter numbers today, with sales and earnings up 29% and 57%, respectively. However, they tell us very little about our bottom-line question: Is this two-time Motley Fool Stock Advisor recommendation worth our investment dollars?

Fortunately, this morning's conference call provides the answer. (If you want me to spoil it for you, the answer is "yes.")

MRO to go, please
MSC provides all the things that keep manufacturing, industrial, and service companies up and running. From belt sanders to grease guns to drill bits, MSC supplies it. Along with W.W. Grainger (NYSE: GWW), Interline Brands, (NYSE: IBI), and Fastenal (Nasdaq: FAST), it's one of the few companies in this maintenance, repair, and operations (MRO) space with national reach.

And this is the genesis of MSM's strong competitive advantage. When compared to local and regional suppliers, this company has vastly greater inventory and pricing power. With its lightning-fast shipping, it allows its customers to utilize the money-saving "just in time" inventory policy.

Management saw the recession as a huge opportunity to gain market share at the expense of the struggling little guys, and it has been ruthless in its execution. In the deepest part of the recession, it increased spending on growth and productivity initiatives, and today CEO David Sandler said this quarter's results are beginning to validate these decisions.

With the economy improving and customer spending picking up, Sandler says, "We are not scrambling to fill gaps and services, hire and train new people to spur growth, and do not have the supply chain issues many others have."

MSM is in full-court press, still taking market share from struggling local suppliers who have shaky balance sheets and big gaps in inventory. "Today's opportunity," says Sandler, "is the greatest I've ever seen in my 35-year career."

It's the economy, genius
Industrial suppliers like MSM provide a decent glance at which way the economy is moving. Much like FedEx (NYSE: FDX) reported a few weeks ago, this quarter has shown some nice progress. While there are still obvious concerns, MSM reports order levels are increasing, backlogs are growing, and many of its customers are renewing hiring.

There's no guarantee the good news will continue, but if you're a long-term investor, this is a great stock to consider. Not only does it have strong metrics and a 1.5% dividend yield, it also has sound management with lots of skin in the game (29% insider ownership) and a long-term outlook. As Sandler says, MSM is “built to last.”