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W.W. Grainger
reported better-than-expected third-quarter earnings.
Grainger now expects full-year earnings of $12.20 to $12.30 per share, versus its earlier forecast of $12.20 to $12.60 per share. Analysts expected earnings of $12.45 per share. It expects sales growth of 5% to 5.5%, versus earlier outlook of 5% to 7% growth.
The Lake Forest, Illinois-based company posted a quarterly profit of $230 million, or $3.30 per share, versus a year-ago profit of $211 million, or $2.95 per share.
Its sales climbed 7% to $2.6 billion. However, analysts were estimating earnings of $3.29 per share on sales of $2.57 billion.
Sales in the US rose 7% to $2.05 billion, while sales in Canada increased 3%.
Gross profit margin shrank 0.8 percentage point to 43.0%, while operating expenses rose 2% in the quarter.
Operating cash flow was $329 million in the quarter, compared to $354 million in the year-ago quarter.
Chairman, President and Chief Executive Officer Jim Ryan said, "Strong volume growth and positive operating leverage in the U.S. business were the primary drivers of our results. We were encouraged by better top line growth in Canada this quarter, but margins remain under pressure due to currency and additional investments. Outside of North America, we were disappointed with the performance of several multichannel businesses and are committed to improving or exiting those operations."
Grainger shares closed at $239.16 yesterday.
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