Grainger Q1 sales move up 12%
On April 27, Grainger reported results for the first quarter of 2023 with sales of $4.1 billion, up 12.2%, or 14.5% on a daily, constant currency basis, and diluted EPS of $9.61, up 36.0% compared to the first quarter of 2022.
"The team continues to perform well amidst a resilient demand environment," said Chairman and CEO D.G. Macpherson. "Both segments delivered strong growth and expanded margins, while we continued to invest in our growth engines and provide exceptional customer service," "Given the strong, profitable growth in the quarter, we are raising our earnings outlook for the full year 2023."
First Quarter Highlights
- Delivered sales of $4.1 billion, up 12.2%, or 14.5% on a daily, constant currency basis
- Generated operating earnings of $680 million, up 27.4%, with operating margin of 16.6%, up 200 basis points
- Achieved diluted EPS of $9.61, an increase of 36.0%
- Produced $454 million in operating cash flow and returned $229 million to Grainger shareholders through dividends and share repurchases
- Recognized as one of the Fortune 100 Best Companies to Work For® for the second consecutive year
- Updating full year 2023 total Company guidance ranges, including daily sales growth of 7% to 11% and an increased diluted EPS range of $34.25 to $36.75
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
