WW Grainger lowers 2024 forecasts, posts rise in quarterly revenue
Oct 31 (Reuters) -Industrial maintenance and safety products supplier WW Grainger Inc GWW.N lowered its 2024 profit and revenue forecasts, citing "slow but steady" demand.
The Lake Forest, Illinois-based company now expects 2024 diluted earnings per share of $38 to $39.50, with the midpoint below its earlier estimate of $38.65 to $39.35.
The company revised the lower end of its 2024 net sales forecast to $17 billion, compared with its prior projection of $17.1 billion to $17.3 billion.
The company, which provides hand tools, power tools and industrial products to home improvement retailers, construction businesses and aerospace manufacturers, reported a 4.3% rise in third-quarter sales to $4.39 billion.
WW Grainger reported diluted per-share earnings for the quarter ended Sept. 30 of $9.87, up from $9.43 a year earlier.
Shares of the company, which competes with Fastenal FAST.O and WESCO WCC.N, were down 1.7% before the opening bell in light trading.
Reporting by Pratyush Thakur in Bengaluru; Editing by Devika Syamnath
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