东吴证券（香港） 请务必阅读正文之后的免责声明部分 固安捷 （GWW.N） 证券研究报告·公司点评报告·贸易公司与经销商 [Table_Author]2024 年 6 月 3 日 | --- | --- | --- | --- | --- | |-------------------------------------|--------|-------------------|--------|--------| | 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万美元） | 16,478 | 17,194 | 18,239 | 19,539 | | 同比（ % ） | 8.21 | 4.35 | 6.08 | 7.13 | | 归母净利润（百万美元） | 1,829 | 1,870 | 2,050 | 2,260 | | 同比（ % ） | 18.23 | 2.24 | 9.61 | 10.27 | | 每股收益（美元 / 股） | | 37.23 38.06 41.72 | | 46.00 | | P/E （倍） | 24.72 | 24.18 | 2 ...

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W.W. Grainger (GWW) reported $4.24 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 3.5%. EPS of $9.62 for the same period compares to $9.61 a year ago.The reported revenue represents a surprise of -0.81% over the Zacks Consensus Estimate of $4.27 billion. With the consensus EPS estimate being $9.58, the EPS surprise was +0.42%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission file number 1-5684 W.W. Grainger, Inc. Illinois 36-1150280 (State or other jurisdiction of incorporation or organization) (Exact ...

© 2024 W.W. Grainger, Inc. 4 constant currency) Dee Merriwether SVP and CFO Q1 2024 Results: Total Company Sales increased 3.5% (reported and daily) Gross profit margin declined 50 bps • SG&A deleverage from continued investment in demand generating activities Gross profit margin declined 60 bps, driven by: • Lap of one-time freight adjustment in prior year Operating margin declined 100 bps | --- | --- | --- | --- | --- | |-------|---------|-------|-----------|------------------------| | | Q1 2024 | | Q1 20 ...

Financial Data and Key Metrics Changes - Total company sales increased by 3.5% or 4.9% on a daily organic constant currency basis, with diluted EPS for the quarter at $9.62, up $0.01 year-over-year [58][61][41] - Operating margins decreased by 80 basis points year-over-year to 15.8%, while gross margins were down 50 basis points [61][41] - ROIC remained strong at 42.9%, and operating cash flow reached record levels, allowing the company to return $316 million to shareholders through dividends and share repurchases [41][59] Business Line Data and Key Metrics Changes - High-Touch Solutions segment sales grew by 3.4% on a reported basis or 3.8% on a daily organic constant currency basis, with gross profit at 41.8% [44][45] - Endless Assortment segment sales increased by 3.7% or 10% on a daily constant currency basis, with Zoro U.S. up 5.1% and MonotaRO achieving 13.1% growth in local currency [64][65] Market Data and Key Metrics Changes - The U.S. MRO market grew between 2% and 3%, primarily driven by price inflation, indicating that the High-Touch Solutions U.S. business achieved approximately 150 basis points of market outgrowth [46] - The company expects B2C headwinds to subside as the year progresses, with continued strong growth from B2B customers [47][15] Company Strategy and Development Direction - The company is focused on maintaining price competitiveness while managing cost increases to achieve price/cost neutrality by the end of the year [24][23] - Continued investment in demand-generating growth engines, including marketing and technology, is prioritized to drive long-term profitable share gain [61][105] Management's Comments on Operating Environment and Future Outlook - Management noted that inflation has been stickier than anticipated, with a revised outlook of 1% to 2% for inflation [23] - The company reiterated its full-year 2024 guidance, expecting daily organic constant currency sales growth between 4% and 7% and EPS ranging from $38 to $40.50 [48][42] Other Important Information - The company announced a 10% increase in its quarterly dividend, marking the 53rd consecutive year of dividend increases [59] - Foreign exchange rate pressures are expected to impact reported net sales guidance, with a potential $140 million headwind due to the yen's depreciation against the dollar [90] Q&A Session Summary Question: Update on pricing actions and gross margin implications - Management indicated that pricing actions are being implemented to correct previous misjudgments, with volume outgrowth remaining strong [69] Question: Insights on the Endless Assortment segment and B2C performance - Management confirmed that MonotaRO has effectively passed on inflation through pricing, and they anticipate positive inflection in B2C performance in the latter half of the year [71] Question: Expectations for SG&A spending and adjustments - Management expressed a commitment to maintaining investment in demand-generating initiatives, with a focus on productivity improvements [126][112] Question: Performance in utility and commercial services verticals - Management acknowledged challenges in the utilities sector but emphasized ongoing initiatives to support growth in mid-sized customers [118] Question: Impact of January weather and holiday timing - Management noted that January weather had a minor impact, while holiday timing resulted in a $10 million impact in March [120]

W.W. Grainger, Inc. (GWW) has reported earnings per share of $9.62 in first-quarter 2024, beating the Zacks Consensus Estimate of $9.58. The bottom line improved 0.1% year over year.Grainger’s quarterly revenues rose 3.5% year over year to $4.24 billion. The top line missed the Zacks Consensus Estimate of $4.27 billion. Daily sales increased 3.5% from the prior-year quarter. We predicted daily sales to increase 4.2%.The High-Touch Solutions N.A. segment’s daily sales rose 3.4% in the quarter from the first ...

Sales Performance - Q1 2024 sales reached $4.2 billion, up 3.5% YoY, or 4.9% on a daily, organic constant currency basis[3][4] - High-Touch Solutions - N.A. segment daily sales grew 3.4% YoY, while Endless Assortment segment daily sales grew 3.7% YoY (10.0% on a daily, constant currency basis)[7] - Total company reported sales growth for Q1 2024 was 3.5%, with High-Touch Solutions - N.A. at 3.4% and Endless Assortment at 3.7%[38] - Daily, organic constant currency sales growth for Q1 2024 was 4.9% for the total company, 3.8% for High-Touch Solutions - N.A., and 10.0% for Endless Assortment[38] - Foreign currency exchange positively impacted sales growth by 0.9% for the total company and 6.3% for Endless Assortment in Q1 2024[38] Earnings and Profitability - Diluted EPS for Q1 2024 was $9.62, a 0.1% increase compared to Q1 2023[3][4] - Operating margin for Q1 2024 was 15.8%, down 80 basis points YoY[4][5] - Gross profit margin for Q1 2024 was 39.4%, a 50-basis point decline YoY[8] - Net earnings for Q1 2024 were $497 million, compared to $508 million in Q1 2023[27] - Effective tax rate for Q1 2024 was 24.2%, up from 23.3% in Q1 2023 due to decreased stock compensation tax benefit[12] Cash Flow and Capital Allocation - Operating cash flow for Q1 2024 was $661 million, with free cash flow of $542 million after $119 million in capital expenditures[13] - Free cash flow (FCF) for Q1 2024 was $542 million, calculated as $661 million from operating activities minus $119 million in capital expenditures[39] - Net cash provided by operating activities increased to $661 million in Q1 2024 from $454 million in Q1 2023[27] - Capital expenditures for Q1 2024 were $119 million, up from $98 million in Q1 2023[27] - Company returned $360 million to shareholders through dividends and share repurchases in Q1 2024[4][13] - Purchases of treasury stock in Q1 2024 totaled $268 million, compared to $142 million in Q1 2023[27] - Cash dividends paid in Q1 2024 were $105 million, up from $87 million in Q1 2023[27] - Cash and cash equivalents at the end of Q1 2024 were $804 million, compared to $461 million at the end of Q1 2023[27] Guidance and Outlook - Reaffirmed FY 2024 guidance: net sales of $17.2 - $17.7 billion, diluted EPS of $38.00 - $40.50, and operating cash flow of $1.9 - $2.1 billion[14][15] - High-Touch Solutions - N.A. segment operating margin guidance for FY 2024 is 17.4% - 17.9%, while Endless Assortment segment is 7.3% - 7.8%[15]

CHICAGO, April 24, 2024 /PRNewswire/ -- W.W. Grainger, Inc. (NYSE: GWW) held its annual meeting of shareholders in Lake Forest, Ill., today. Chairman and CEO D.G. Macpherson provided a company update, which included financial and operational highlights from 2023. Shareholders elected the following 13 directors: Rodney C. Adkins Neil S. Novich George S. Davis Beatriz R. Perez Katherine D. Jaspon E. Scott Santi Christopher J. Klein Susan Slavik Williams Stuart L. Levenick Lucas E. Wats ...