Toolmaker W.W. Grainger beats Q4 profit estimates on strong industrial demand
Feb 2 (Reuters) - W.W. Grainger reported better-than-expected fourth-quarter profit on Friday, helped by demand for its products from industrial clients.
The company sells safety, maintenance and repair equipment to North American and Japanese industrial clients and domestic consumers in the United States.
Its final-quarter adjusted profit of $8.33 per share beat analysts' average estimate of $8.05 per share, according to LSEG data.
Shares of the Lake Forest, Illinois-based toolmaker were trading up 2.4% before the bell on the New York Stock Exchange.
Daily sales at the company's High-Touch Solutions segment, which caters to the manufacturing, warehousing and metalworking industries in North America, were up 4.7%, year-on-year.
Overall revenue rose 5%, to $3.99 billion in the quarter ending Dec. 31, while analysts' average expectation was $4.03 billion.
W.W. Grainger also provided a 2024 net sales target in the range of $17.2 billion to $17.7 billion. Analysts estimated an average of $17.5 billion.
Last month, rival Fastenal also posted better-than-expected fourth-quarter profit, citing higher demand from manufacturers for its onsite products. (Reporting by Pratyush Thakur in Bengaluru; Editing by Pooja Desai)
