Posted July 19, 2011
Grainger Q2 sales up 12%
Grainger reported second quarter sales of $2.0 billion increased 12 percent versus $1.8 billion in the second quarter 2010.
Net earnings for the quarter increased 32 percent to $170 million versus $129 million in 2010. Earnings per share increased 35 percent to $2.34 versus $1.73 for the second quarter 2010.
"Our focus on delivering great service to customers through a broader product offering, an expanding sales force and a growing international platform, continues to generate strong sales and earnings performance," said chairman, president and chief executive officer Jim Ryan.
The growth consisted of 8 percent volume growth while price contributed 2 percentage points. Foreign exchange contributed 2 percentage points and acquisitions contributed 1 percentage point to the daily increase.
Sales for the United States segment increased 9 percent. Sales to all customer end-markets were up in the quarter, led by heavy manufacturing, which increased in the mid-teens.
Sales for the Acklands-Grainger business increased 24 percent in U.S. dollars versus the 2010 second quarter. In local currency, daily sales increased 16 percent for the quarter. Sales in Canada benefited from strength in the oil and gas, heavy manufacturing, retail/wholesale, and agriculture and mining customer end-markets.
Sales for the other businesses, which include Japan, Mexico, India, Puerto Rico, China, Colombia and Panama, increased 49 percent versus prior year, due primarily to strong growth in Japan and Mexico, along with the business in Colombia, which was acquired in June 2010.
