W.W. Grainger Q2 Profit Surges, Lifts Q3, FY23 Earnings Outlook

(RTTNews) - W.W. Grainger, Inc. (GWW) Thursday reported 26.5 percent increase in second-quarter earnings, while revenue were up 9 percent compared to the prior year. For the fiscal 2023, the company raised the midpoint of the full-year earnings per share and sales outlook.

The broad line distributor reported an increase in quarterly earnings attributable to the company to $470 million or $9.28 per share from $371 million or $7.19 per share in the prior year. On average, 15 analysts polled by Thomson Reuters expected the company to earn $9.13 per share. Analysts estimates usually exclude special items.

Net sales climbed to $4.182 billion from $3. 837 billion a year ago. Wall Street was looking for $4.21 billion.

Looking ahead to the full year 2023, the company raised its earnings guidance to range of $35.00-$36.75 per share, while the previous projection was in a range of $34.25-$36.75 per share. Analysts expect $35.89 per share on revenue of $16.57 billion.

Net sales for the fiscal year is currently projected to be in the range of $16.4-$16.8 billion, higher than the previous outlook of $16.2-$16.8 billion.