- W W Grainger Inc (NYSE:GWW) reported second-quarter sales growth of 13.1% year-over-year to $3.207 billion, missed the consensus of $3.22 billion. Sales rose 15.0% on an organic, daily, constant currency basis.
- High-Touch Solutions segment sales were up 13.7% on a daily basis, and Endless Assortment segment daily sales growth was up 23%.
- Adjusted EPS improved to $4.27 from $3.75 in 2Q20, missing consensus estimates of $4.58.
- Gross profit improved 11% to $1.12 billion. The gross margin contracted by 75 bps to 35%.
- The operating profit increased by 62.9Y/Y to $334 million, and the margin expanded by 315 bps to 10.4%. Adjusted operating margin contracted by 70 bps to 10.4%.
- Grainger generated cash from operating activities of $269 million, compared to $232 million a year ago.
- The company returned $203 million to shareholders through dividends and share repurchases during the quarter.
- FY21 Outlook: Grainger maintained its outlook for net sales of $12.7 billion-$13 billion vs. the consensus of $12.85 billion.
- Except for revenue, it expects FY21 results to trend towards the lower end of the guided ranges for Gross Profit Margin of 36.1%-36.6%, Operating Margin of 11.8%-12.4%, and EPS of $19.00-$20.50, versus the consensus of $19.84.
- Price action: GWW shares are trading lower by 3.48% at $445.015 on the last check Friday.
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