Grainger sales up 6%
Grainger reported 2Q sales increased 6 percent to $2.4 billion compared to the same period last year.
Net earnings for the quarter increased 14 percent to $218 million versus $191 million in 2012. Earnings per share of $3.03 increased 15 percent versus $2.63 in 2012.
"Our solid performance reflects the continued focus, dedication and hard work of our Grainger team," said chairman, president and chief executive officer Jim Ryan. "We will continue to invest in helping our customers be successful by adding more products, sales people, inventory management solutions and eCommerce capabilities to further our leading position in the MRO industry," Ryan added.
The company expects 2013 sales growth of 5 to 8 percent and earnings per share of $11.40 to $12.00.
The 6 percent increase consisted of 4 percentage points from volume, 2 percentage points from price and 1 percentage point from acquisitions, partially offset by a 1 percentage point decline attributable to unfavorable foreign exchange.
Sales for the United States segment increased 7 percent, led by growth in light and heavy manufacturing, natural resources, commercial and contractor end markets.
Sales in Canada increased 3 percent versus the prior year, led by growth to customers in the construction, forestry and light manufacturing end markets.
Sales for the Other Businesses, which includes operations primarily in Asia, Europe and Latin America, increased 5 percent. The sales increase was primarily due to strong revenue growth in Mexico and the timing of the Brazil acquisition in the second quarter of 2012.
For the six months of the year, sales increased 5 percent to $4.7 billion. Net earnings increased 14 percent to $429 million versus $378 million in the first half of 2012.
INDUSTRIAL SUPPLY MAGAZINE
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