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W.W. Grainger Inc (NYSE:GWW) shares are trading lower after it reported second-quarter 2024 results.
Sales of $4.312 billion, up 3.1% Y/Y, missed the consensus of $4.348 billion.
In Q2 2024, High-Touch Solutions – N.A. saw a 3.1% Y/Y increase in sales, or 3.7% in constant currency, driven by higher volumes and gains across most markets.
Endless Assortment segment sales rose 3.3%, or 11.7% in constant currency, thanks to strong core B2B growth at Zoro and MonotaRO.
Adjusted gross profit increased 3.0% Y/Y to $1.694 billion, with a margin remained flat Y/Y at 39.3%. Adjusted operating profit increased 0.6% Y/Y to $665 million, with the margin at 15.4%, down 40 basis points Y/Y.
Adjusted EPS rose 5.2% Y/Y to $9.76, beating the consensus of $9.58.
In Q2 2024, the company generated $411 million in operating cash flow, with strong net earnings tempered by unfavorable working capital.
During the quarter, the company returned $345 million to shareholders via dividends and share repurchases.
Outlook: Grainger narrows FY24 net sales outlook to $17 billion-$17.3 billion (from $17.2 billion-$17.7 billion) vs. $17.37 billion estimate and EPS of $38.00-$39.50 (from $38.00-$40.50) vs. street view of $39.15.
The company now projects buyback of $1 billion – $1.2 billion in FY24 (vs. $900 million – $1.1 billion earlier).
Investors can gain exposure to the stock via Franklin Disruptive Commerce ETF (BATS:BUYZ) and SMI 3Fourteen Full-Cycle Trend ETF (NASDAQ:FCTE).
Price Action: GWW shares are down 5.30% at $925.00 premarket at the last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
