W.W. Grainger lifts full-year profit forecast on strong demand
July 27 (Reuters) - Industrial parts provider W.W. Grainger raised its full-year earnings forecast on Thursday, after reporting a better-than-expected profit for the second quarter on the back of strong overall demand.
Production at U.S. factories rebounded in the quarter on strong auto output, which is expected to benefit parts suppliers such as Grainger.
The company sells products including safety and security, material handling and storage, pumps and plumbing equipment, metalworking and hand tools to customers across industries, including small and medium businesses.
Grainger said it now 2023 expects a profit of $35-$36.75 per share, compared to its prior forecast of $34.25-$36.75 per share.
It raised its full-year sales growth forecast to 8%-10.6% from 6.6%-10.6%.
The company's quarterly profit of $9.28 per share beat analysts' average estimate of $9.13 per share, according to Refinitiv data.
However, while its revenue rose 9% to $4.18 billion, it came in below expectations of $4.21 billion. (Reporting by Aishwarya Jain; Editing by Savio D'Souza)
