WW Grainger posts 40 percent 2Q profit jump and raises full-year forecast

WW Grainger profits jump; lifts forecast

CHICAGO — W.W. Grainger Inc. posted a 40 percent jump in second-quarter earnings Thursday and boosted its forecast for the rest of the year.

The supplier of industrial maintenance and safety products booked net income of $129 million, or $1.73 per share, for the quarter ended in June, up from $92.5 million, or $1.21 per share, a year ago.

Even excluding a one-time gain related to a change in employee benefits, adjusted earnings of $1.65 topped the average estimate from analysts of $1.50, according to Thomson Reuters.

Revenue climbed 16 percent to $1.78 billion, just edging out analyst expectations.

Despite “uncertainty as to the extent and duration of the economic recovery,” Grainger said it expects to earn $6.10 to $6.40 per share excluding one-time items. That tops its previous forecast of $5.70 to $6.10 per share.

The company lifted revenue expectations to 12 percent to 14 percent from the year before, up from a previous forecast of 9 percent to 12 percent.

Shares in W.W. Grainger Inc. rose 87 cents to $104.62 when the market opened.