Yes, I'm on again about MSCIndustrial Direct (NYSE:MSM). But in my own defense, when you spend a fair chunk of your days dealing with CEOs who whine about the market or play Jedi mind tricks with earnings, or both, you learn to really appreciate those relatively rare folks who simply get the job done.

And that's just what this company continues to do. Sales were up nearly 13% in the second quarter, with price hikes accounting for about one-third of that growth. Margins continue to expand impressively; the company converted 38% of incremental sales into operating income, and the operating margin jumped by one-and-a-half full points. That, in turn, ultimately led to EPS growth of better than 25% -- and that's without adjusting for $0.03 worth of extra expense for an executive's departure and stock options.

Better yet, there's still ample room for growth and improvement. Two weeks ago, I wrote about MSC Industrial's purchase of Kennametal's (NYSE:KMT) J&L Industrial Supply business. While I don't believe MSC will overreach in terms of acquisitions, I do believe there are still other promising targets out there for the taking. After all, the maintenance, repair, and operating products (MRO) market is likely worth something like $140 billion, and the top 50 players hold only about 20% or so.

What's more, while this stock is absolutely sensitive to economic activity, it has survived the ups and downs of the past. It's also worth remembering that Home Depot (NYSE:HD) is now on the prowl in the MRO market, and it wouldn't surprise me if it knocked on the doors of companies like MSC, Fastenal (NASDAQ:FAST), or Grainger (NYSE:GWW).

That said, I can't be blind to this stock's amazing run. While I'm personally willing to batten down the hatches and hold on to this one for a while, your mileage may vary. Much as I like this company, your own opinion is just as valid, and everybody needs to do their own due diligence.

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Fool contributor Stephen Simpson owns shares of MSC Industrial, but has no financial interest in any other stocks mentioned (that means he's neither long nor short the shares).