W.W. Grainger's sales increased by nearly 20% while earnings jumped by 60% in its latest fiscal quarter, company officials announced Friday.
The Chicago-based distribution giant reported sales of more than $3.8 billion between April and June, up 19.6% from the $3.2 billion reported in the second quarter of 2021. On a daily, constant currency basis, the company said sales were up 22%.
Grainger officials also touted operating earnings of $534 million compared to the $334 million reported in the previous second-quarter. Net earnings attributable to the company were up 65%, and diluted earnings per share increased 68%. Grainger said its gross profit climbed from $1.1 billion to $1.4 billion over that span, and gross profit margin increased 255 basis points from 35% to 37.6%.
Grainger Chairman and CEO DG Macpherson said the results exceeded expectations and that the company would once again raise its forecast for the full year.
"Our second quarter results reflect the team's continued commitment to serving customers extraordinarily well in this strong demand environment," Macpherson said in a statement. "Our execution on our strategic initiatives is driving sustained growth and share gain across the business.”
The company currently expects net sales of $15 billion to $15.2 billion for the year, up from the $14.5 billion to $14.9 billion range outlined in Grainger’s first-quarter earnings. Daily sales growth, meanwhile, is projected to finish between 14.5% and 16.5% compared to the previous forecast of 11% to 14%. Earnings per share, previously estimated to be $25 to $27, are now anticipated to fall between $27.25 and $28.75.