WW Grainger Lowers 2024 Sales Forecast Due to Slow Demand, Reports Reuters

Industrial maintenance and safety products supplier WW Grainger Inc has revised its annual sales forecast downward due to weaker-than-anticipated demand, which led to a 4% drop in its shares in premarket trading.

Based in Lake Forest, Illinois, the company now anticipates that its 2024 sales will range between $17 billion and $17.3 billion, a decrease from the earlier forecast of $17.2 billion to $17.7 billion made back in April.

Grainger supplies a variety of products, including hand tools, power tools, and industrial goods, catering to home improvement retailers, construction companies, and aerospace manufacturers.

In the second quarter, Grainger reported a 3.1% increase in sales, reaching $4.31 billion. Adjusted earnings per share for the quarter ending June 30 rose to $9.76, compared to $9.28 in the same period last year.

Prior to this announcement, the company’s stock had appreciated by 18% thus far in 2023.