Grainger Narrows FY17 Forecast; Maintains EPS Midpoint - Quick Facts

(RTTNews) - W.W. Grainger Inc. (GWW), a distributor of maintenance, repair and operating or MRO supplies, Tuesday said it has narrowed fiscal 2017 guidance and maintained earnings per share midpoint.

The company now expects 2017 sales growth of 1.5 to 2.5 percent and earnings per share of $10.40 to $10.90. The company's previous 2017 guidance included sales growth of 1 to 4 percent and earnings per share of $10.00 to $11.30.

The midpoint of 2017 earnings per share guidance remains unchanged at $10.65.

On average, 25 analysts polled by Thomson Reuters expect the company to report earnings of $10.37 per share and revenues of $10.38 billion for fiscal year 2017. Analysts' estimates typically exclude special items.

Chairman and Chief Executive Officer DG Macpherson said, "Our third quarter performance gives us the confidence to maintain the midpoint of our 2017 earnings per share guidance despite the challenges in our Canadian business and the U.S. specialty business divestiture."

In pre-market activity, Grainger shares were gaining 2 percent to $186.