7/17/2013 12:40:00 PM
NEWS BRIEF
Grainger reported sales, including fasteners, grew 6% to a record $2.4 billion in the second quarter of 2013, consisting of 4 percentage points from volume, 2 percentage points from price and 1 percentage point from acquisitions, partially offset by a 1 percentage point decline attributable to unfavorable foreign exchange.
Operating earnings gained 11% to $350 million, driven by higher sales, improved gross profit margins and positive expense leverage. Q2 net earnings increasing 14% to $218 million.
United States
Sales for the United States segment increased 7% to $1.87 billion, driven by volume and price gains.
“The sales increase for the quarter in the United States was led by solid growth in the light and heavy manufacturing, natural resources, commercial and contractor end markets.”
U.S. operating earnings rose 9% to $338.9 million in Q2.
Canada
Second-quarter sales in Canada improved 3% to $288.6 million, “led by solid growth to customers in the construction, forestry and light manufacturing end markets.”
Operating earnings in Canada grew 11% to $37.3 million.
Other Businesses
Q2 sales for the Other Businesses segment, which includes operations primarily in Asia, Europe and Latin America, increased 5%, bolstered by “strong revenue growth in Mexico and Japan and the timing of the second-quarter Brazil acquisition.” Operating earnings rose 18% to $13 million.
Overall Grainger sales rose 5% to $4.7 billion in the first six months of 2013. ©2013 GlobalFastenerNews.com
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