Grainger Lifts FY23 Earnings View Above Market, Backs Sales Forecast; Stock Up In Premarket

(RTTNews) - Industrial supply company W. W. Grainger, Inc. (GWW) on Thursday lifted fiscal 2023 earnings guidance after reporting higher first-quarter profit and sales.

In pre-market activity on the NYSE, GWW shares were gaining around 2.5 percent to trade at $676.

For the full year, the company now expects earnings per share in the range of $34.25 to $36.75, up from previously expected $32.00 to $34.50.

On average, 17 analysts polled by Thomson Reuters expect earnings of $33.36 per share for the year. Analysts' estimates typically exclude special items.

Net Sales for the year is still expected to be in the range of $16.2 billion to $16.8 billion. The Street expects sales of $16.5 billion for the year.

In the first quarter, net earnings came in at $488 million or $9.61 per share, up 33.4 percent from $366 million or $7.07 per share last year. Analysts expected the company to earn $8.51 per share.

The company's net sales for the quarter rose 12.1 percent to $4.09 million from $3.65 million last year.

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