Q2 2024 WW Grainger Inc Earnings Call Transcript
Key Points
- W.W. Grainger Inc (GWW) reported a 3.1% increase in total company sales, or 5.1% on a daily organic constant currency basis.
- The high-touch solutions segment showed strong performance with a 3.7% increase on a daily organic constant currency basis.
- Operating margin remained robust at 15.4%, despite a slight year-over-year decline.
- EPS for the quarter was $9.76, up 5.2% from the previous year.
- The company returned $345 million to shareholders through dividends and share repurchases.
- Operating margins were down 40 basis points year-over-year.
- The company trimmed the top end of its earnings guidance range due to yen devaluation and demand softness in the US.
- SG&A expenses deleveraged by 40 basis points as the company ramped up demand generation investments.
- The endless assortment segment saw a 70 basis point decline in operating margins due to lower gross margins and SG&A deleverage.
- Macroeconomic uncertainties and pockets of demand softness in the US remain as headwinds.
Greetings. Welcome to W.W. Grainger second-quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to Kyle Bland, Vice President of Investor Relations. Thank you. You may begin.
Good morning. Welcome to Grainger's second-quarter earnings call. With me are D.G. MacPherson, Chairman and CEO; and Dee Merriwether, Senior Vice President and CFO.
As a reminder, some of our comments today may include forward-looking statements that are subject to various risks and uncertainties. Additional information regarding factors that could cause actual results to differ materially is included in the company's most recent Form 8-K and other periodic reports filed with the SEC.
This morning's call will focus on the adjusted results for the second quarter of 2024, which exclude $16 million of pretax restructuring costs incurred in the quarter. Please remember that we have also included a daily
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