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Freitag,
02.02.2024 08:00
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GRAINGER REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2023
Ein Standort von Grainger in Burbank, USA.
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PR Newswire
CHICAGO, Feb. 2, 2024
Focused execution delivers solid quarter and record full year earnings;
Company issues 2024 guidance, including 4% to 7% sales growth
Fourth Quarter 2023 Highlights
- Delivered sales of $4.0 billion, up 5.1%, or 5.5% on a daily, organic constant currency basis
- Achieved reported operating margin of 13.9%, down 40 basis points, or 14.6% on an adjusted basis, up 80 basis points
- Increased diluted EPS by 4.7% to $7.89 on a reported basis, or by 16.7% to $8.33 on an adjusted basis
- Announced plans to open a new 1.2 million square-foot distribution center near Houston, Texas in 2026
Full Year 2023 Highlights
- Grew sales to $16.5 billion, up 8.2%, or 9.5% on a daily, organic constant currency basis
- Realized reported operating margin of 15.6%, up 110 basis points, or 15.7% on an adjusted basis, up 130 basis points
- Increased diluted EPS by 20.5% to $36.23 on a reported basis, or by 23.6% to $36.67 on an adjusted basis
- Produced $2.0 billion in operating cash flow and returned $1.2 billion to Grainger shareholders through dividends and share repurchases
CHICAGO, Feb. 2, 2024 /PRNewswire/ -- Grainger (NYSE: GWW) today reported results for the fourth quarter and full year 2023. Sales of $4.0 billion in the fourth quarter 2023 increased 5.1%, or 5.5% on a daily, organic constant currency basis versus the fourth quarter of 2022. For the full year, sales of $16.5 billion increased 8.2%, or 9.5% on a daily, organic constant currency basis compared to the prior year.
"Our strong 2023 performance was driven by the team's focused execution against our long-term strategy in a normalizing demand market. We strengthened our advantage in both our High-Touch Solutions and Endless Assortment segments and achieved record annual sales and earnings by remaining committed to our purpose, We Keep the World Working®," said D.G. Macpherson, Chairman and CEO. "As we look to 2024, we remain dedicated to delivering tangible value for customers, strong results for shareholders, and an engaging culture for team members."
2023 Financial Summary
| ($ in millions) | Q4 2023 | Q4 2023 | FY 2023 | FY 2023 | ||||
| Change vs. Prior (Fav. vs. (Unfav.)) | Change vs. Prior (Fav. vs. (Unfav.)) | |||||||
| | Reported | Adjusted(1) | Reported | Adjusted(1) | Reported | Adjusted(1) | Reported | Adjusted(1) |
| Net Sales | $3,997 | $3,997 | 5.1 % | 5.1 % | $16,478 | $16,478 | 8.2 % | 8.2 % |
| Gross Profit | $1,563 | $1,563 | 3.8 % | 3.8 % | $6,496 | $6,496 | 11.1 % | 11.1 % |
| Operating Earnings | $557 | $583 | 2.4 % | 11.5 % | $2,565 | $2,591 | 15.8 % | 18.1 % |
| Net Earnings | $395 | $417 | 2.9 % | 14.5 % | $1,829 | $1,851 | 18.2 % | 21.2 % |
| Diluted EPS | $7.89 | $8.33 | 4.7 % | 16.7 % | $36.23 | $36.67 | 20.5 % | 23.6 % |
| | | | | | | | | |
| Gross Profit % | 39.1 % | 39.1 % | (50) bps | (50) bps | 39.4 % | 39.4 % | 100 bps | 100 bps |
| Operating Margin | 13.9 % | 14.6 % | (40) bps | 80 bps | 15.6 % | 15.7 % | 110 bps | 130 bps |
| Tax Rate | 23.8 % | 23.5 % | 50 bps | 180 bps | 23.9 % | 23.8 % | 90 bps | 130 bps |
| | |
| (1) | Results exclude the loss related to the Company's divestiture of its subsidiary, E & R Industrial Sales, Inc., completed in the fourth quarter of 2023. Prior year results exclude a gain of $21M on the divestiture of Cromwell's enterprise software business completed in the fourth quarter of 2022. See the supplemental information of this release for reconciliation of any adjusted and non-GAAP financial measures. |
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