UPDATE: Grainger Posts Rise In Q1 Profit

W.W. Grainger

reported a 13% rise in its first-quarter profit. Grainger now projects full-year earnings of $11.30 to $12 per share on sales growth of 5% to 9%. The company had earlier expected earnings of $10.85 to $12 per share on sales growth of 3% to 9%. Grainger's quarterly profit surged to $211.8 million, or $2.94 per share, from $187.5 million, or $2.57 per share, in the year-earlier period. Its sales rose 4% to $2.28 billion. However, analysts were expecting earnings of $2.73 per share on sales of $2.3 billion. Its gross margin rose to 45.2% from 44.4%. Grainger shares closed at $225.70 yesterday.