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Grainger (GWW) Tops Q3 EPS by 1c; Cuts FY14 EPS Outlook

October 16, 2014 7:31 AM EDT

Grainger (NYSE: GWW) reported Q3 EPS of $3.30, $0.01 better than the analyst estimate of $3.29. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.57 billion.

"We were pleased with the overall performance of the business in the quarter," said Chairman, President and Chief Executive Officer Jim Ryan. "Strong volume growth and positive operating leverage in the U.S. business were the primary drivers of our results. We were encouraged by better top line growth in Canada this quarter, but margins remain under pressure due to currency and additional investments. Outside of North America, we were disappointed with the performance of several multichannel businesses and are committed to improving or exiting those operations." Ryan added, "We are very excited about the continued success of our single channel businesses in Japan and the United States, and we are evaluating and testing additional markets for expansion of this model." Ryan concluded, "Despite headwinds from historically low inflation and a sluggish global economy, we will continue to invest in infrastructure and growth to capitalize on the attractive share gain opportunity in the large and fragmented MRO market."

Grainger sees FY2014 EPS of $12.20-$1.30, versus prior guidance of $12.2-$12.6 and the consensus of $12.45.

For earnings history and earnings-related data on Grainger (GWW) click here.



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