4/16/2010
NEWS BRIEFS
Jump in U.S. Business Spurs Grainger Profit

Grainger reported first quarter sales rose 14% to $1.7 billion, while net earnings increased 3% to $99. Earnings per share gained 5% to $1.31.

“Strong operating performance from the U.S. business was the story for the quarter,” stated CEO Jim Ryan. “The company’s solid execution, strong sales growth from all the businesses, particularly in March, combined with continued signs of strengthening in the U.S., Canadian and Mexican economies give us confidence to raise our 2010 sales growth guidance to a range of 9% to 12%,” up from the 6% to 9% growth forecasted in January.

Daily sales for the company increased 12% in January, 12% in February and 18% in March.

U.S. sales increased 8% during Q1, which included a 10% jump in March. Operating earnings for the U.S. segment grew 16%. The U.S. business closed nine branches in the quarter.

Sales for the Acklands-Grainger business (Canada) jumped 35% in U.S. dollars, helped by a strong Canadian economy.

Sales for the other businesses, which include Japan, Mexico, India, Puerto Rico, China and Panama, were up 259%, due primarily to the new consolidation of sales for Japan and India, along with strong growth in Mexico and China. ©2010 GlobalFastenerNews.com

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