W.W. Grainger lifts full-year profit forecast on strong demand

WW Grainger

27/07/2023 14:02

July 27 (Reuters) - Industrial parts provider W.W.
Grainger  GWW.N  raised its full-year earnings forecast on
Thursday, after reporting a better-than-expected profit for the
second quarter on the back of strong overall demand.
    Production at U.S. factories rebounded in the quarter on
strong auto output, which is expected to benefit parts suppliers
such as Grainger.
    The company sells products including safety and security,
material handling and storage, pumps and plumbing equipment,
metalworking and hand tools to customers across industries,
including small and medium businesses.
    Grainger said it now 2023 expects a profit of $35-$36.75 per
share, compared to its prior forecast of $34.25-$36.75 per
share.
    It raised its full-year sales growth forecast to 8%-10.6%
from 6.6%-10.6%.
    The company's quarterly profit of $9.28 per share beat
analysts' average estimate of $9.13 per share, according to
Refinitiv data.
    However, while its revenue rose 9% to $4.18 billion, it came
in below expectations of $4.21 billion.

 (Reporting by Aishwarya Jain; Editing by Savio D'Souza)
 ((Aishwarya.Jain@thomsonreuters.com;))