WW Grainger cuts 2024 sales forecast on slow demand

WW Grainger

01/08/2024 13:59

Aug 1 (Reuters) - Industrial maintenance and safety
products supplier WW Grainger Inc  GWW.N  on Thursday lowered
its annual sales forecast due to slower-than-expected demand,
sending its shares down 4% in premarket trading.
    The Lake Forest, Illinois-based company now expects 2024
sales to be between $17 billion and $17.3 billion, down from its
previous forecast of $17.2 billion to $17.7 billion, issued in
April.
    The company provides hand tools, power tools and industrial
products to home improvement retailers, construction businesses
and aerospace manufacturers.
    Second-quarter sales for the company, which competes with
Fastenal  FAST.O  and WESCO  WCC.N , rose 3.1% to $4.31 billion.
    Adjusted per-share earnings for the quarter ended June 30
was $9.76, up from $9.28 a year earlier.
    The stock until the last close had gained 18% so far this
year.

 (Reporting by Pratyush Thakur in Bengaluru; Editing by Vijay
Kishore)
 ((pratyush.thakur@thomsonreuters.com;))