Reiterates 2008 EPS guidance of $6.00 to $6.20
Issues 2009 EPS Guidance of $5.30 to $6.70
CHICAGO, Nov. 19 /PRNewswire-FirstCall/ -- Grainger (NYSE: GWW), the
leading broad line supplier of facilities maintenance products serving
businesses and institutions, held its annual analyst meeting in Lake Forest,
Illinois, today. Chairman, Richard L. Keyser, and President and Chief
Executive Officer, James T. Ryan, hosted the event along with Senior Vice
President and Chief Financial Officer, Ron Jadin. The event also included
presentations from several other Grainger leaders.
As part of the meeting, Grainger reiterated its 2008 earnings per share
guidance of $6.00 to $6.20. Given current economic conditions, the company is
expecting 2008 fourth quarter sales to range from -2% to +2% and 2008 fourth
quarter earnings per share to range from $1.35 to $1.55. The company also
provided guidance for next year and expects 2009 revenues to range from -5% to
+5% and forecasts 2009 earnings per share to be between $5.30 and $6.70.
Ryan discussed that the recent deterioration in several economic
indicators makes it increasingly difficult to predict results. Despite a
slowing economy, Grainger's strategy of having the best geographic reach,
sales and service network and supply chain positions the company to gain
market share. In a move designed to further capture share and improve
operating performance, the company will combine its Lab Safety Supply and
Grainger Industrial Supply businesses Ryan announced. This combination is
expected to result in incremental sales and cost savings improvements.
Presentations and a live and archived audio web cast from the meeting are
available on Grainger's Investor Relations Web site at
http://www.grainger.com/investor.
W.W. Grainger, Inc. with 2007 sales of $6.4 billion is the leading broad
line supplier of facilities maintenance products serving businesses and
institutions in the United States, Canada, Mexico, China and Panama. Through a
highly integrated network including more than 600 branches, 18 distribution
centers and multiple Web sites, Grainger's employees help customers get the
job done.
This document contains forward-looking statements under the federal
securities laws. The forward-looking statements relate to the company's
expected future financial results and business plans, strategies, and
objectives and are not historical facts. They are generally identified by
qualifiers such as "capture share", "EPS guidance", "earnings per share
guidance", "expected", "expects", "expecting", "forecasts", "gain market
share", "guidance", "improve", "outlook", "positions", "predict", "range" or
similar expressions. There are risks and uncertainties the outcome of which
could cause the company's results to differ materially from what is projected.
The forward-looking statements should be read in conjunction with the
company's most recent annual report, as well as the company's Form 10-K and
other reports filed with the Securities and Exchange Commission, containing a
discussion of the company's business and of various factors that may affect
it.
CONTACT:
Media
Ernest Duplessis
Vice President, Internal & External
Communications
+1-847-535-4356
Robb Kristopher
Director, Corporate Media
Relations
+1-847-535-0879
Investors
Laura Brown
Vice President,
Investor Relations
+1-847-535-0409
Bill Chapman
Director, Investor
Relations
+1-847-535-0881
All of Grainger