Grainger Q3 2022 Earnings Report
Key Takeaways
Grainger reported a strong third quarter in 2022, with sales up 16.9% to $3.9 billion. The company's performance was driven by focused execution and the ability to serve customers well in the current demand environment, leading to an increase in full year guidance.
Sales reached $3.9 billion, a 16.9% increase compared to Q3 2021, and 20.3% on a daily, constant currency basis.
Gross margin expanded by 145 bps compared to Q3 2021.
Operating earnings increased by 37.6% to $603 million, resulting in diluted EPS of $8.27, a 46.4% increase.
$380 million in operating cash flow was generated, and $286 million was returned to shareholders through dividends and share repurchases.
Grainger
Grainger
Forward Guidance
Given the strong third quarter results, the Company is raising its 2022 full year guidance expectations. Total Company daily sales growth of 15.5% to 16.5% and diluted EPS range of $29.10 to $29.70.
Positive Outlook
- Net Sales: $15.1 - $15.2 billion
- Daily Growth: 15.5% - 16.5%
- Gross Profit Margin: 38.0% - 38.1%
- Operating Margin: 14.3% - 14.4%
- Diluted Earnings per Share: $29.10 - $29.70