UPDATE: Grainger Posts Upbeat Q1 Profit

WW Grainger Inc

reported a better-than-expected first-quarter profit. Grainger's quarterly net income surged to $189.5 million, or $2.57 per share, versus a year-ago profit of $159.1 million, or $2.18 per share. Its revenue climbed 16% to $2.19 billion. Sales in the US jumped 10% to $1.70 billion. Analysts were expecting earnings of $2.52 per share on revenue of $2.19 billion. Grainger shares closed at $215.59 yesterday.