Import growth is expected to moderate during the first half of 2022 giving the nation’s congested container ports a much-needed break. Imports at the nation’s ports are expected to grow modestly during the first half of 2022, according to the monthly Global Port Tracker report released by the National Retail Federation and Hacker Associates. But continued high volumes will keep up the pressure that built as the economy bounced back from the pandemic last year. “We’re not going to see the dramatic growth in imports we saw this time last year, but the fact that volumes aren’t falling is a clear sign of continued consumer demand,” said Jonathan Gold, NRF VP for supply chain and customs policy. Congestion remains on both coasts. The Port of Los Angeles alone has around 40 ships waiting to dock, according to Ben Hackette, founder, Hackett Associates.
Third Quarter Highlights
*Delivered sales of $3.9 billion, up 16.9%, compared to the third quarter of 2021 on a reported and daily basis; up 20.3% on a daily, constant currency basis
*Expanded gross margin by 145 bps compared to the third quarter of 2021
*Generated operating earnings of $603 million, up 37.6%, resulting in diluted EPS of $8.27, an increase of 46.4% versus the third quarter of 2021
*Produced $380 million in operating cash flow and returned $286 million to shareholders through dividends and share repurchases
*Recognized as one of Fortune 100 Best Workplaces for Women in 2022
*Increases full year 2022 guidance including total Company daily sales growth of 15.5% to 16.5% and diluted EPS range of $29.10 to $29.70.
Grainger (NYSE: GWW) today reported results for the third quarter of 2022 with sales of $3.9 billion, up 16.9% on a reported and daily basis, and up 20.3% on a daily, constant currency basis, compared to the third quarter 2021, driven by strong performance in both the High-Touch Solutions N.A. and Endless Assortment segments.
“The third quarter performance reflects our focused execution against our long-term strategy and ability to serve customers well in this demand environment,” said D.G. Macpherson, Chairman and CEO. “Our teams are driving impressive results across both business segments and, after another quarter of strong performance, we are increasing our 2022 full year guidance. We remain on track to deliver an exceptional year.”
details at: https://pressroom.grainger.com/news/press-release-details/2022/GRAINGER-REPORTS-RESULTS-FOR-THE-THIRD-QUARTER-2022/default.aspx