格兰杰报告2024年第三季度业绩
持续强劲执行推动业绩;
公司将2024年收益预期范围缩小
第三季度要点
•交付销售额为44亿美元，同比增长4.3％，或按日、有机不变货币基础增长4.0％
•实现营业利润率为15.6%，下降 30 个基点
•摊薄后每股收益为9.87美元，增长了4.7%
•运营现金流达61100万美元，并通过分红派息和股份回购向Grainger股东返还32800万美元
•2024年公司营收指引范围收窄，包括每日有机货币计价销售增长率为4.5%至5.25%，调整后的摊薄后每股收益为38.65美元至39.35美元
2024年10月31日，芝加哥- 2024年第三季度，格雷格(纽交所: GWW)报告称，销售额为$44亿，同比增长4.3%，或在每日、有机恒定货币基础上增长4.0%，摊薄后每股收益为$9.87，同比2023年第三季度增长4.7%。
“团队始终专注于提供无懈可击的体验，从帮助客户应对自然灾害到支持他们的安全需求。因此，在第三季度期间，我们的客户关系增长，结果在需求市场稳中有升的背景下保持稳健，”董事长兼首席执行官D.G. Macpherson说。“随着我们结束2024年，我们对自己的执行能力充满信心，我们有能力实现目标并为所有利益相关者创造价值。”
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2024年第三季度财务摘要
| （以百万美元计，除每股数据外） | Q3 2024 (1) | Q3 2023 (1) | 第三季度24年对第三季度23年 收藏 / (取消收藏) | ||||||||
| 净销售额 | $4,388 | $4,208 | 4.3% | ||||||||
| 毛利润 | $1,720 | $1,655 | 3.9% | ||||||||
| 营业收益 | $686 | $667 | 2.8% | ||||||||
| 归属于W.W. Grainger, Inc.的净收益 | $486 | $476 | 2.1% | ||||||||
| 摊薄每股收益 | $9.87 | $9.43 | 4.7% | ||||||||
| 毛利率 | 39.2% | 39.3% | (10)个基点 | ||||||||
| 营业利润率 | 15.6% | 15.9% | （30）个基点 | ||||||||
| 有效税率 | 24.8% | 24.4% | (40)个基点 | ||||||||
(1) 报告和调整基础上的结果是一致的。 | |||||||||||
营业收入
本季度销售额较2023年第三季度增长了4.3%。在考虑当年本季度多出一天的情况下，受外币兑换和公司于2023年出售其子公司E＆R Industrial Sales, Inc.影响，销售额按每日、有机、恒定货币计价基础上增长了4.0% 与2023年第三季度相比。
在High-To板块uch Solutions - N.A.板块，销售额同比增长3.3％，与2023年第三季度相比，按日常、有机、恒定货币基础计算增长了2.5％。该板块的营收增长主要源自所有地理区域的增长，并包括大部分客户终端市场的广泛增长。在Endless Assortment板块，销售额同比增长 8.1%,或。11.5% 按日常、恒定货币基础计算，与2023年第三 季度相比。该板块的营收增长主要源自Zoro的核心B20亿客户和在MonotaRO的强劲表现，特别是在企业客户方面。
毛利率
2024年第三季度毛利润率为39.2%，比2023年第三季度下降了10个基点。
在高级解决方案-北美部门，2024年第三季度毛利润率为41.6%，与去年同期相比下降了10个基点，主要是各种因素大体抵消。在无限选择部门，毛利润率比2023年第三季度下降了10个基点，主要受到产品和客户组合方面的阻力。
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收益
2024年第三季度，公司总营业收入为68600万美元，比2023年第三季度增长2.8%。该季度营业利润率为15.6%，较2023年第三季度下降30个基点。持续投资于需求生成活动，以及高触联系解决方案-北美的年度绩效提升，部分被无限种类产品组合强劲的杠杆效应抵消。
2024年第三季度稀释每股收益为9.87美元，比2023年第三季度增长4.7%。增长是由销售增长和较少的流通股数推动的。
税率
2024年第三季度有效税率为24.8%，而2023年第三季度为24.4%。
现金流量
2024年第三季度，公司通过稳健的净利润推动营运活动产生了61100万美元的现金流。这一时期的运营现金流受工作资本的中立影响。公司投资了8800万美元用于资本支出，导致自由现金流为52300万美元。在本季度，公司通过分红派息和股票回购向Grainger股东返还了32800万美元。
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指导
公司提供了以下2024年更新的指引，包括收益前景的收窄。
公司总计(1) | 2024年指导范围 (截至2024年8月1日) | 2024年指导范围 (截至2024年10月31日) | ||||||
| 净销售额 | $17.0 - $173亿 | $17.1 - $173亿 | ||||||
| 销售增长 | 3.2% - 5.2% | 4.0% - 4.75% | ||||||
| 每日，有机恒定货币销售增长 | 4.0% - 6.0% | 4.5% - 5.25% | ||||||
| 毛利率 | 39.2% - 39.4% | 39.3% - 39.4% | ||||||
| 营业利润率 | 15.3% - 15.7% | 15.4% - 15.6% | ||||||
| 每股摊薄收益 | $38.00 - $39.50 | $38.65 - $39.35 | ||||||
| 经营性现金流 | $1.95 - $21.5亿 | $2.15 - $22.5亿 | ||||||
| 现金基础的资本支出（CapEx） | 0.4亿 - 4.75亿美元 | 0.4亿 - 4.5亿美元 | ||||||
| 股票回购 | 1.0亿 - 12亿美元 | 1.1亿 - 12亿美元 | ||||||
| 有效税率 | ~24.0% | ~23.2% | ||||||
| 分部营业利润率 | ||||||||
| 高端解决方案 - 北美 | 17.4% - 17.8% | 17.5% - 17.6% | ||||||
| 无限种类 | 7.6% - 8.0% | 7.8% - 8.1% | ||||||
(1) 提供的指导是根据调整后的基础。每日的有机恒定货币销售增长已经调整，以便考虑到2024年比2023年多出两个额外销售日的影响，以及公司在2023年第四季度完成的旗下E&R Industrial Sales, Inc.子公司的出售以及外汇汇率的变化。公司不调和前瞻性的非GAAP财务指标。有关更多详细信息，请参阅本公告的附加信息。 | ||||||||
网络转播
公司将于2024年10月31日星期四上午11:00（美国东部时间）进行现场电话会议和网络直播，讨论第三季度业绩。该活动由董事长兼首席执行官D.G. Macpherson和首席财务官暨高级副总裁Deidra Merriwether主持，可在此处查看 invest.grainger.com。要通过电话参加电话会议，请发送请求至InvestorRelations@grainger.com。对于无法参加现场活动的人士，网络直播重播将在接下来的90天内提供 invest.grainger.com.
关于格兰杰
W.W. Grainger公司是一家领先的广泛产品经销商，在北美、日本和英国均有业务。在Grainger，我们通过创新科技和深厚客户关系为全球超过450万客户提供产品，使世界保持运转。2023年销售额达到165亿美元，公司经营两种业务模式。在高触感解决方案部门，Grainger提供约200万种维护、修理和运营（MRO）产品和服务，包括技术支持和库存管理。在无限选择部门，Zoro.com为客户提供
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访问1300万多种产品，MonotaRO.com提供2200万多种产品。更多信息，请访问www.grainger.com。
Visit invest.grainger.com to view information about the Company, including a supplement regarding 2024 third quarter results. Additional Company information can be found on the Grainger Investor Relations website which includes the Company Snapshot and ESG report.
Safe Harbor Statement
All statements in this communication, other than those relating to historical facts, are “forward-looking statements.” Forward-looking statements can generally be identified by their use of terms such as “believe,” “could,” “future," "guidance," “may,” “predict,” "prospects," “will,” or “would,” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. Forward-looking statements include, but are not limited to, statements about future strategic plans and future financial and operating results. Important factors that could cause actual results to differ materially from those presented or implied in the forward-looking statements include, without limitation: inflation, higher product costs or other expenses, including operational and administrative expenses; the impact of macroeconomic pressures and geopolitical trends, changes and events; a major loss of customers; loss or disruption of sources of supply; changes in customer or product mix; increased competitive pricing pressures; changes in third party practices regarding digital advertising; failure to enter into or sustain contractual arrangements on a satisfactory basis with group purchasing organizations; failure to develop, manage or implement new technology initiatives or business strategies, including with respect to Grainger’s eCommerce platforms; failure to adequately protect intellectual property or successfully defend against infringement claims; fluctuations or declines in Grainger’s gross profit margin; Grainger’s responses to market pressures; the outcome of pending and future litigation or governmental or regulatory proceedings, including with respect to wage and hour, anti-bribery and corruption, environmental, regulations related to advertising, marketing and the Internet, consumer protection, pricing (including disaster or emergency declaration pricing statutes), product liability, compliance or safety, trade and export compliance, general commercial disputes, or privacy and cybersecurity matters; investigations, inquiries, audits and changes in laws and regulations; failure to comply with laws, regulations and standards, including new or stricter environmental laws or regulations; government contract matters; the impact of any government shutdown; disruption or breaches of information technology or data security systems involving Grainger or third parties on which Grainger depends; general industry, economic, market or political conditions; general global economic conditions including tariffs and trade issues and policies; foreign currency exchange rate fluctuations; market volatility, including price and trading volume volatility or price declines of Grainger’s common stock; commodity price volatility; facilities disruptions or shutdowns; higher fuel costs or disruptions in transportation services; outbreaks of pandemic disease or viral contagions; natural or human induced disasters, extreme weather and other catastrophes or conditions; effects of climate change; failure to execute on our efforts and programs related to environmental, social and governance matters; competition for, or failure to attract, retain, train, motivate and develop executives and key employees; loss of key members of management or key employees; loss of operational flexibility and potential for work stoppages or slowdowns if employees unionize or join a collective bargaining arrangement; changes in effective tax rates; changes in credit ratings or outlook; Grainger's incurrence of indebtedness or failure to comply with restrictions and obligations under its debt agreements and instruments; and other factors that can be found in our filings with the Securities and Exchange Commission, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available on our Investor Relations website. Forward-looking statements are given only as of the date of this communication and we disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
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Contacts:
| Media: | Investors: | ||||||||||
| Erin Ptacek | Kyle Bland | ||||||||||
| VP, Communications & Public Affairs | VP, Investor Relations | ||||||||||
| Communications@grainger.com | Andrew Ansay | ||||||||||
| Dir, Investor Relations | |||||||||||
| InvestorRelations@grainger.com | |||||||||||
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W.W. Grainger, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In millions of dollars, except for share and per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net sales | $ | 4,388 | $ | 4,208 | $ | 12,935 | $ | 12,481 | |||||||||||||||
| Cost of goods sold | 2,668 | 2,553 | 7,853 | 7,548 | |||||||||||||||||||
| Gross profit | 1,720 | 1,655 | 5,082 | 4,933 | |||||||||||||||||||
| Selling, general and administrative expenses | 1,034 | 988 | 3,078 | 2,925 | |||||||||||||||||||
| Operating earnings | 686 | 667 | 2,004 | 2,008 | |||||||||||||||||||
| Other (income) expense: | |||||||||||||||||||||||
| Interest expense – net | 19 | 22 | 60 | 70 | |||||||||||||||||||
Other – net | (4) | (7) | (18) | (21) | |||||||||||||||||||
| Total other expense – net | 15 | 15 | 42 | 49 | |||||||||||||||||||
| Earnings before income taxes | 671 | 652 | 1,962 | 1,959 | |||||||||||||||||||
| Income tax provision | 166 | 159 | 470 | 468 | |||||||||||||||||||
| Net earnings | 505 | 493 | 1,492 | 1,491 | |||||||||||||||||||
| Less net earnings attributable to noncontrolling interest | 19 | 17 | 58 | 57 | |||||||||||||||||||
| Net earnings attributable to W.W. Grainger, Inc. | $ | 486 | $ | 476 | $ | 1,434 | $ | 1,434 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 9.90 | $ | 9.47 | $ | 29.10 | $ | 28.45 | |||||||||||||||
| Diluted | $ | 9.87 | $ | 9.43 | $ | 29.00 | $ | 28.32 | |||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 48.8 | 49.9 | 49.0 | 50.1 | |||||||||||||||||||
Diluted | 48.9 | 50.1 | 49.2 | 50.3 | |||||||||||||||||||
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W.W. Grainger, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars)
(Unaudited)
| As of | |||||||||||
| (Unaudited) | |||||||||||
| Assets | September 30, 2024 | December 31, 2023 | |||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 1,448 | $ | 660 | |||||||
Accounts receivable (less allowance for credit losses of $36 and $35, respectively) | 2,346 | 2,192 | |||||||||
| Inventories – net | 2,170 | 2,266 | |||||||||
| Prepaid expenses and other current assets | 219 | 156 | |||||||||
| Total current assets | 6,183 | 5,274 | |||||||||
| Property, buildings and equipment – net | 1,746 | 1,658 | |||||||||
| Goodwill | 366 | 370 | |||||||||
| Intangibles – net | 247 | 234 | |||||||||
| Operating lease right-of-use | 400 | 429 | |||||||||
| Other assets | 172 | 182 | |||||||||
| Total assets | $ | 9,114 | $ | 8,147 | |||||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Current liabilities | |||||||||||
| Current maturities | $ | 497 | $ | 34 | |||||||
| Trade accounts payable | 1,046 | 954 | |||||||||
| Accrued compensation and benefits | 306 | 327 | |||||||||
| Operating lease liability | 78 | 71 | |||||||||
| Accrued expenses | 429 | 397 | |||||||||
| Income taxes payable | 27 | 48 | |||||||||
| Total current liabilities | 2,383 | 1,831 | |||||||||
| Long-term debt | 2,279 | 2,266 | |||||||||
| Long-term operating lease liability | 353 | 381 | |||||||||
| Deferred income taxes and tax uncertainties | 125 | 104 | |||||||||
| Other non-current liabilities | 118 | 124 | |||||||||
| Shareholders' equity | 3,856 | 3,441 | |||||||||
| Total liabilities and shareholders’ equity | $ | 9,114 | $ | 8,147 | |||||||
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W.W. Grainger, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023(1) | 2024 | 2023(1) | ||||||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||||||
| Net earnings | $ | 505 | $ | 493 | $ | 1,492 | $ | 1,491 | |||||||||||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||||
| Provision for credit losses | 6 | 6 | 18 | 15 | |||||||||||||||||||
| Deferred income taxes and tax uncertainties | 9 | 3 | 24 | 20 | |||||||||||||||||||
| Depreciation and amortization | 59 | 55 | 175 | 157 | |||||||||||||||||||
| Non-cash lease expense | 20 | 18 | 61 | 56 | |||||||||||||||||||
| Net (gains) losses from sale of assets | — | (4) | — | (4) | |||||||||||||||||||
| Stock-based compensation | 14 | 18 | 48 | 49 | |||||||||||||||||||
| Change in operating assets and liabilities: | |||||||||||||||||||||||
| Accounts receivable | 22 | (48) | (183) | (351) | |||||||||||||||||||
| Inventories | 15 | 14 | 86 | 42 | |||||||||||||||||||
| Prepaid expenses and other assets | 16 | 11 | (26) | 104 | |||||||||||||||||||
| Trade accounts payable | (85) | (92) | 99 | 55 | |||||||||||||||||||
| Operating lease liabilities | (26) | (23) | (73) | (65) | |||||||||||||||||||
| Accrued liabilities | 54 | 77 | 36 | (92) | |||||||||||||||||||
| Income taxes – net | (2) | (6) | (64) | (34) | |||||||||||||||||||
| Other non-current liabilities | 4 | 1 | (10) | (16) | |||||||||||||||||||
| Net cash provided by operating activities | 611 | 523 | 1,683 | 1,427 | |||||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||||||
| Capital expenditures | (88) | (125) | (283) | (318) | |||||||||||||||||||
| Proceeds from sale of assets | 1 | 9 | 2 | 11 | |||||||||||||||||||
| Other – net | 2 | — | 19 | — | |||||||||||||||||||
| Net cash used in investing activities | (85) | (116) | (262) | (307) | |||||||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||||||
| Proceeds from debt | 500 | 1 | 503 | 7 | |||||||||||||||||||
| Payments of debt | (21) | (19) | (38) | (37) | |||||||||||||||||||
| Proceeds from stock options exercised | 16 | 1 | 26 | 29 | |||||||||||||||||||
| Payments for employee taxes withheld from stock awards | (4) | (3) | (44) | (32) | |||||||||||||||||||
| Purchases of treasury stock | (227) | (193) | (739) | (506) | |||||||||||||||||||
| Cash dividends paid | (115) | (106) | (321) | (300) | |||||||||||||||||||
| Other – net | (1) | 1 | (2) | — | |||||||||||||||||||
| Net cash used in financing activities | 148 | (318) | (615) | (839) | |||||||||||||||||||
| Exchange rate effect on cash and cash equivalents | 5 | (3) | (18) | (5) | |||||||||||||||||||
| Net change in cash and cash equivalents | 679 | 86 | 788 | 276 | |||||||||||||||||||
| Cash and cash equivalents at beginning of period | 769 | 515 | 660 | 325 | |||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 1,448 | $ | 601 | $ | 1,448 | $ | 601 | |||||||||||||||
(1) Certain reclassifications have been made to prior year amounts to conform to the current year presentation of Grainger's Condensed Consolidated Statements of Cash Flows. The reclassifications had no impact on previously reported results including net cash provided by (used in) operating, investing and financing activities for the three and nine months ended September 30, 2023. | |||||||||||||||||||||||
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SUPPLEMENTAL INFORMATION - RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES (Unaudited)
The Company supplements the reporting of financial information determined under U.S. generally accepted accounting principles (GAAP) with the non-GAAP financial measures as defined below. The Company believes these non-GAAP financial measures provide meaningful information to assist investors in understanding financial results and assessing prospects for future performance as they provide a better baseline for analyzing the ongoing performance of its business by excluding items that may not be indicative of core operating results.
Basis of presentation
The Company has a controlling ownership interest in MonotaRO, which is part of our Endless Assortment segment. MonotaRO’s results are fully consolidated, reflected in U.S. GAAP, and reported one-month in arrears. Results will differ from MonotaRO’s externally reported financials which follow Japanese GAAP.
Adjusted gross profit, adjusted SG&A, adjusted operating earnings, adjusted operating margin, adjusted net earnings, adjusted diluted EPS
Exclude certain non-recurring items, like restructuring charges, asset impairments, gains and losses associated with business divestitures and other non-recurring, infrequent or unusual gains and losses (together referred to as “non-GAAP adjustments”), from the Company’s most directly comparable reported U.S. GAAP figures (reported gross profit, SG&A, operating earnings, net earnings and EPS).The Company believes these non-GAAP adjustments provide meaningful information to assist investors in understanding financial results and assessing prospects for future performance as they provide a better baseline for analyzing the ongoing performance of its business by excluding items that may not be indicative of core operating results.
Free cash flow (FCF)
Calculated using total cash provided by operating activities less capital expenditures. The Company believes the presentation of FCF allows investors to evaluate the capacity of the Company's operations to generate free cash flow.
Daily sales
Refers to sales for the period divided by the number of U.S. selling days for the period.
Daily, constant currency sales
Refers to daily sales adjusted for changes in foreign currency exchange rates.
Daily, organic constant currency sales
Refers to daily sales excluding the sales of certain divested businesses in the comparable prior year period and changes in foreign currency exchange rates.
Foreign currency exchange
Calculated by dividing current period local currency daily sales by current period average exchange rate and subtracting the current period local currency daily sales divided by the prior period average exchange rate.
U.S. selling days:
2023: Q1-64, Q2-64, Q3-63, Q4-63, FY-254
2024: Q1-64, Q2-64, Q3-64, Q4-64, FY-256
2025: Q1-63, Q2-64, Q3-64, Q4-64, FY-255
As non-GAAP financial measures are not standardized, it may not be possible to compare these measures with other companies' non-GAAP measures having the same or similar names. These non-GAAP measures should not be considered in isolation or as a substitute for reported results. These non-GAAP measures reflect an additional way of viewing aspects of operations that, when viewed with GAAP results, provide a more complete understanding of the business. This press release also includes certain non-GAAP forward-looking information. The Company believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of future restructurings, asset impairments, and other charges. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
The reconciliations provided below reconciles GAAP financial measures to non-GAAP financial measures used in this release: daily sales; daily, organic constant currency sales; free cash flow; adjusted operating margin; and
adjustments reflected in the consolidated statements of earnings.
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Sales growth for the three months ended September 30, 2024
(percent change compared to prior year period)
(unaudited)
| Q3 2024 | |||||||||||
| Total Company | High-Touch Solutions - N.A. | Endless Assortment | |||||||||
| Reported sales | 4.3% | 3.3% | 8.1% | ||||||||
| Day impact | (1.7)% | (1.6)% | (1.7)% | ||||||||
Daily sales(1) | 2.6% | 1.7% | 6.4% | ||||||||
Business divestiture(2) | 0.4% | 0.5% | —% | ||||||||
Foreign currency exchange(3) | 1.0% | 0.3% | 5.1% | ||||||||
| Daily, organic constant currency sales | 4.0% | 2.5% | 11.5% | ||||||||
(1) Based on U.S. selling days, there were 64 and 63 selling days in Q3 2024 and Q3 2023, respectively. | |||||||||||
(2) Reflects the divestiture of Grainger's subsidiary, E & R Industrial Sales, Inc., completed in the fourth quarter of 2023. | |||||||||||
(3) Excludes the impact of year-over-year foreign currency exchange rate fluctuations. | |||||||||||
Free cash flow (FCF) for the three months ended September 30, 2024
(in millions of dollars)
(unaudited)
| Q3 2024 | |||||
| Net cash flows provided by operating activities | $ | 611 | |||
| Capital expenditures | (88) | ||||
| Free cash flow | $ | 523 | |||
11