NEW YORK (AP) — W.W. Grainger Inc.'s third-quarter profit rose 21 percent on higher sales volumes and its acquisition of Fabory Group, the tool and industrial supply distributor said Tuesday.
The company, based in Lake Forest, Ill., reported net income of $182.1 million, or $2.51 per share, for the three months that ended Sept. 30. That compares with $150.4 million, or $2.06 per share, for the same part of 2010. Revenue increased 11.3 percent to $2.11 billion.
Analysts had expected earnings of $2.34 per share on revenue of $2.10 billion, according to FactSet.
The company said the profit increase resulted from higher sales volumes. In the U.S., which makes up most of Grainger's business, revenue rose 7 percent while Canadian revenue increased 23 percent.
Grainger also said that third-quarter profit also rose on increased prices, foreign currency benefits and the acquisition in August of Fabory. Fabory is a European distributor of fasteners and other products.