10/15/2009
NEWS BRIEFS
Grainger Reports Q3 Sales

Grainger reported third quarter sales, including fasteners, dropped 14% to $1.59 billion, while net earnings grew 3% to $145 million versus $140 million in 2008. Operating earnings declined 19%.

CEO James Ryan said Grainger is gaining market share despite a sluggish economy.

“While daily sales remain stable, we are not yet seeing a catalyst for a sustained economic turnaround in any of our major end markets.”

U.S. sales decreased 14% to $1.4 billion during Q3, with operating earnings falling 15% to $204.4 million. Sales declined in all customer end-markets in the U.S.

Nine-month sales in the U.S. slipped 12% to $4.06 billion, while operating earnings declined 14% to $554.2 million.

Sales in Canada dropped 13% to $166.3 million, with operating earnings falling 40% to $8.4 million. Growth in the oil and utilities sectors “remained favorable in the quarter.”

Nine-month sales in Canada decreased 16% to $470.8 million, while operating earnings slid 42% to $24.05 million. ©2009 GlobalFastenerNews.com

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