Quarterly Highlights
- Sales of $2.4 billion, up
- 6 percent
- Operating earnings of $350 million, up 11 percent
- EPS of $3.03, up 15 percent
- Operating cash flow of $210 million, up 59 percent
Grainger reported record results for the 2013 second quarter ended June 30, 2013. Sales of $2.4 billion increased 6 percent versus $2.2 billion in the second quarter of 2012. There were 64 selling days in the quarter, the same as in 2012. Net earnings for the quarter increased 14 percent to $218 million versus $191 million in 2012. Earnings per share of $3.03 increased 15 percent versus $2.63 in 2012.
“Our solid performance reflects the continued focus, dedication and hard work of our Grainger team,” said Chairman, President and Chief Executive Officer Jim Ryan. “We will continue to invest in helping our customers be successful by adding more products, salespeople, inventory management solutions and eCommerce capabilities to further our leading position in the MRO industry,” Ryan added.
Ryan continued, “Given our strong execution and the additional perspective provided by our first half performance, we are able to further refine our expectations for 2013 sales and earnings per share.” The company now expects 2013 sales growth of 5 to 8 percent and earnings per share of $11.40 to $12.00. The company’s previous 2013 guidance issued on April 16, 2013, was sales growth of 5 to 9 percent and earnings per share of $11.30 to $12.00.
Sales up 6%
Sales in the 2013 second quarter increased 6 percent consisting of 4 percentage points from volume, 2 percentage points from price and 1 percentage point from acquisitions, partially offset by a 1 percentage point decline attributable to unfavorable foreign exchange.
