Facilities maintenance specialist W.W. Grainger, Inc. ( GWW ) on Tuesday lifted its full-year outlook following a better-than-expected first quarter earnings report.
The Lake Forest, IL-based company reported first quarter net income of $189.5 million, or $2.57 per share, compared with $159.1 million, or $2.18 per share, in the year-ago period.
Revenue rose 16% from last year to $2.19 billion.
On average, Wall Street analysts expected a smaller profit of $2.52 per share, on matching revenue of $2.19 billion.
CEO Jim Ryan commented, "Our record performance in the quarter is further evidence that we are realizing the benefits of our growth initiatives."
Accordingly, GWW raised its 2012 earnings guidance to a range of $10.40 to $10.80 per share, up from a prior estimate of $9.90 to $10.65. Wall Street analysts currently expect $10.61 per share for the year.
W.W. Grainger shares fell $2.04, or -1%, in premarket trading Tuesday.
The Bottom Line
Shares of W.W. Grainger ( GWW ) have a 1.22% dividend yield, based on last night's closing stock price of $215.59. The stock has technical support in the $200-$210 price area. The stock is trading near all-time highs of $220 a share.
W.W. Grainger, Inc. ( GWW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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