Grainger sales up 5 percent
Grainger said its third quarter sales were up 5 percent to $2.4 billion.
Net earnings for the quarter increased 36 percent to $211 million versus $155 million in 2012. Earnings per share of $2.95 increased 37 percent versus $2.15 in 2012.
"Despite a challenging environment, our U.S. business delivered solid volume growth and earnings that were in line with our expectations," said chairman, president and chief executive officer Jim Ryan. "Our businesses outside of the United States remain affected by weaker macroeconomic conditions and unfavorable foreign exchange rates."
Sales for the United States increased 7 percent to $1.9 billion. The increase was led by solid growth primarily to large customers in the light and heavy manufacturing, natural resources and commercial customer end markets.
Sales in Canada decreased 1 percent to $270.6 million, but were up by 4 percent in local currency. The sales increase for the quarter in Canada was led by solid growth to customers in the oil and gas, forestry, light manufacturing and utilities end markets.
Daily sales for the other businesses segment, which includes operations primarily in Asia, Europe and Latin America, were flat for the 2013 third quarter versus the prior year.
For the nine months ended Sept. 30, sales of $7.1 billion increased 5 percent versus $6.7 billion in 2012. Reported net earnings increased 20 percent to $640 million versus $534 million in the first nine months of 2012.
The company anticipates 2013 sales growth of 5 to 6 percent. Previous 2013 guidance was for sales growth of 5 to 8 percent.
"We are continuing to aggressively invest for the future with $135 million in incremental growth spending planned for 2013 designed to build additional scale and accelerate our market share gains. Given our commitment to our growth investments, coupled with the continuing headwinds of a softer global economy and stronger U.S. dollar, we are narrowing our guidance range for full year 2013," Ryan concluded.
INDUSTRIAL SUPPLY MAGAZINE
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