W.W. Grainger, Inc. reported a solid performance for the third quarter and the first nine months of 2024, with net sales reaching $4,388 million for the three months ended September 30, 2024, a 4.3% increase from $4,208 million in the same period of 2023. For the nine months ended September 30, 2024, net sales totaled $12,935 million, up 3.6% from $12,481 million in the prior year.
Gross profit for the third quarter of 2024 was $1,720 million, reflecting a 3.9% increase from $1,655 million in Q3 2023. The gross profit margin slightly decreased to 39.2%. Operating earnings for the quarter rose to $686 million, a 2.8% increase from $667 million in the previous year. Net earnings for Q3 2024 were $505 million, compared to $493 million in Q3 2023, marking a 2.4% increase. Earnings per share (EPS) for the quarter increased to $9.90 from $9.47.
For the nine-month period, net earnings were $1,492 million, a marginal increase from $1,491 million in 2023. The diluted EPS for the nine months ended September 30, 2024, was $29.00, up from $28.32 in the same period of the previous year.
The company's High-Touch Solutions North America segment reported net sales of $3,515 million for Q3 2024, a 3.3% increase, while the Endless Assortment segment saw a more significant growth of 8.1%, reaching $791 million. Both segments contributed positively to the overall sales growth.
Operating expenses increased, with selling, general, and administrative (SG&A) expenses for Q3 2024 rising to $1,034 million, a 5% increase attributed to higher marketing and payroll costs. This increase in SG&A expenses slightly offset the growth in operating earnings.
On the balance sheet, as of September 30, 2024, Grainger reported cash and cash equivalents of $1,448 million, a significant increase from $660 million at the end of 2023. Total current assets were $6,183 million, and total assets reached $9,114 million. Long-term debt stood at $2,279 million, with total debt as a percentage of total capitalization increasing to 41.9%.
In September 2024, Grainger issued $500 million in unsecured senior notes, which will be used to repay maturing debt and for general corporate purposes. The company continues to monitor macroeconomic conditions, implementing strategies to mitigate potential adverse effects from inflation and economic volatility.
About W.W. GRAINGER, INC.
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