7/16/2009
NEWS BRIEFS
Grainger Reports ‘Pleasing’ Results

Grainger reported sales, including fasteners, slipped 13% to $1.53 billion, hit by a 30% reduction in heaving manufacturing orders. Q2 net earnings dropped 18% to $92.5 million.

“Although the economy remains a challenge, we are pleased with our results for the second quarter of 2009,” stated CEO Jim Ryan. “We continue to focus on the things we can control, and we’re selectively investing for growth. Businesses and institutions still need to repair and maintain their facilities in this difficult economy.”

Ryan said Grainger is gaining market share during the recession, and has expanded its sales force to “improve customer coverage.” Grainger has also eliminated 300 jobs since February, with plans to cut another 100 positions by year’s end.

Revenue during the first six months of 2009 fell 12% to $3 billion, with net earnings decreasing 17% to $189 million.

U.S. sales declined 12% to $1.35 billion in Q2, with operating earnings shrinking 16% to $176.5 million. Six-month sales in the U.S. dropped 11% to $2.66 billion, while earnings dipped 13% to $349.7 million.

Q2 Grainger sales in Canada fell 19% to $160.7 million, while earnings plunged 39% to $9.7 million on unfavorable foreign exchange rates. First-half sales in Canada fell 18% to $304.5 million, and operating earnings plunged 43% to $15.7 million. ©2009 GlobalFastenerNews.com

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