Benzinga - by Lekha Gupta, Benzinga Editor.
W.W. Grainger Inc (NYSE:GWW) shares are trading higher after it reported fourth-quarter FY23 results.
Sales of $3.997 billion, up 5.1% Y/Y, missed the consensus of $4.039 billion.
Adjusted gross profit increased 3.8% Y/Y to $1.563 billion, with a margin contracted 50bps Y/Y to 39.1%.
Adjusted operating profit increased 11.5% Y/Y to $583 million, with the margin at 14.6%, up 80 basis points Y/Y.
Adjusted EPS rose 16.7% Y/Y to $8.33, beating the consensus of $8.05.
The company reported an operating cash flow of $2.0 billion and returned $1.2 billion to shareholders through dividends and share repurchases in 2023.
Outlook: Grainger expects FY24 net sales of $17.2 billion-$17.7 billion (vs. $17.5 billion estimate) and EPS of $38.00-$40.50 (vs. street view of $38.65).
“Our strong 2023 performance was driven by the team’s focused execution against our long-term strategy in a normalizing demand market,” said D.G. Macpherson, chairman and CEO.
“We strengthened our advantage in both our High-Touch Solutions and Endless Assortment segments and achieved record annual sales and earnings by remaining committed to our purpose, We Keep the World Working,”
Price Action: GWW shares are up 3.71% at $956.89 on the last check Friday.
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