Grainger delivers sales of $4.2 billion in third quarter
Grainger reported results for the third quarter of 2023 with sales of $4.2 billion, up 6.7%, or 8.7% on a daily, constant currency basis, and diluted EPS of $9.43, up 14.1% compared to the third quarter of 2022.
"The team continues to drive value for customers and serve them well amidst a reasonably steady demand environment. By executing on our strategy, we saw additional share gain and continued profitability leading to another quarter of strong performance," said D.G. Macpherson, Chairman and CEO. "As we look to the final quarter of 2023, we remain focused on providing a flawless experience for customers and positioning the business for long-term, profitable growth."
Third Quarter Highlights
- Delivered sales of $4.2 billion, up 6.7%, or 8.7% on a daily, constant currency basis
- Generated operating earnings of $667 million, up 10.7%, with operating margin of 15.9%, up 60 basis points
- Achieved diluted EPS of $9.43, an increase of 14.1%
- Produced $523 million in operating cash flow and returned $287 million to Grainger shareholders through dividends and share repurchases
- Narrowing full-year 2023 total company guidance, including an updated outlook for daily sales growth between 8.5% to 9.5% and diluted EPS of $36.00 to $36.60
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.
