Grainger Narrows 2016 Sales, Earnings Guidance; Q1 Profit Tops Estimates

(RTTNews) - Grainger (GWW) narrowed its 2016 sales and earnings per share guidance and now expects sales growth of flat to 6 percent and earnings per share of $11.00 to $12.80. The company's previous 2016 guidance was sales growth of between a decline of 1 to increase of 7 percent and earnings per share of $10.80 to $13.00. Analysts polled by Thomson Reuters expect the company to report profit per share of $11.77. Analysts' estimates typically exclude special items.

Grainger reported first-quarter net earnings of $187 million, down 12 percent from $211 million, last year. Earnings per share was $2.98 compared to $3.07. Earnings per share as adjusted was $3.18, for the quarter. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $2.86 for the quarter.

Sales were $2.51 billion increased 3 percent from $2.44 billion, in the first quarter of 2015. On a daily basis, sales in the quarter increased 1 percent from the prior year. Analysts expected revenue of $2.49 billion for the quarter.