CHICAGO (AP) — W.W. Grainger Inc. said Tuesday its profit rose 32 percent thanks to an expanded product offering and growing international sales.
The industrial maintenance and safety products supplier also raised its forecast for the year.
Analysts already expected earnings near the upper end of the new forecast, however. Its shares fell $1.95, or 1.2 percent, to $154.36 in morning trading.
Grainger reported net income of $169.9 million, or $2.34 per share, for the March-to-June period, compared with $129.1 million, or $1.73 per share, a year earlier.
Revenue jumped to about $2 billion from $1.78 billion a year earlier.
Analysts polled by FactSet Research were expecting a profit of $2.30 per share on revenue of $2.05 billion.
For the full year, the company now expects to earn $8.40 to $8.70 per share on revenue growth of between 9 and 10 percent from last year, implying sales of $7.83 billion to $7.9 billion. It previously forecast earnings of $8.10 to $8.60 per share on revenue growth of between 7 and 10 percent.
Analysts predict earnings of $8.66 per share on sales of $7.88 billion.