Grainger Reports Results For The 2017 Third Quarter

Grainger (NYSE: GWW) today reported results for the 2017 third quarter ended September 30, 2017.  Sales of $2.6 billion increased 2 percent versus the third quarter of 2016.  There were 63 selling days in the 2017 third quarter, one fewer than the 2016 third quarter.  On a daily basis, sales increased 3 percent versus the prior year.  Net earnings for the quarter of $162 million were down 13 percent versus $186 million in 2016.  Earnings per share of $2.79 decreased 9 percent versus $3.05 in 2016.

“Our U.S. business had strong volume in the quarter driven by our strategic pricing initiatives and an improving demand environment.  We saw a solid response from digital marketing activities that began in mid-August, particularly from our mid-sized customers.  We continued to streamline our portfolio with the divestiture of a noncore U.S. specialty business, which affected sales in the quarter,” said Chairman and Chief Executive Officer DG Macpherson.  “Our single channel online businesses continued their strong sales growth and improved profitability.  Our Canadian business continues to be challenged as we execute our turnaround strategy.

“Our third quarter performance gives us the confidence to maintain the midpoint of our 2017 earnings per share guidance despite the challenges in our Canadian business and the U.S. specialty business divestiture,” Macpherson concluded.

The company now expects 2017 sales growth of 1.5 to 2.5 percent and earnings per share of $10.40 to $10.90.  The midpoint of 2017 earnings per share guidance remains unchanged at $10.65.  The company’s previous 2017 guidance included sales growth of 1 to 4 percent and earnings per share of $10.00 to $11.30.
more detail at: http://pressroom.grainger.com/phoenix.zhtml?c=194987&p=irol-newsArticle&ID=2309068

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