Grainger posts record sales
Grainger reported second quarter sales rose 12 percent to $2.2 billion.
Net earnings for the quarter increased 12 percent to $191 million, or $2.63 per share, versus $170 million, or $2.34 per share, in 2011.
The sales increase consisted of 5 percentage points from acquisitions and a 2 percentage point decline attributable to unfavorable foreign exchange. Organic sales for the quarter increased 9 percent including 6 percentage points from volume and 3 percentage points from price.
Sales for the United States segment increased 7 percent in the 2012 second quarter versus the prior year. The 7 percent sales growth for the quarter was driven by 4 percent volume growth and 3 percentage points from price. For the quarter, the heavy manufacturing, light manufacturing, retail, commercial, government, natural resources and reseller end markets all posted sales growth versus the 2011 second quarter, while the contractor end market posted a small decline.
Second quarter sales for Acklands-Grainger increased 9 percent, 14 percent in local currency. The 14 percent sales growth consisted of 12 percent volume growth and 2 percent from price. The sales increase for the quarter in Canada was led by strong growth to customers in the commercial services, oil and gas, contractor and utilities end markets.
Sales for the Other Businesses, which includes operations in Asia, Europe and Latin America, increased 84 percent for the 2012 second quarter versus the prior year. This increase was primarily due to the incremental sales from the business in Europe (Fabory) acquired in August 2011, and the business in Brazil (AnFreixo) acquired in April 2012. Excluding acquisitions, sales for the Other Businesses increased 21 percent, primarily the result of strong revenue growth in Japan.
For the six months ended June 30, sales of $4.4 billion increased 14 percent versus $3.9 billion for the same period in 2011.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
