Grainger posts record sales

2010 sales were $7.2 billion, up 15% from $6.2 billion in 2009.

Net earnings of $511 million increased 19 percent versus $430 million in 2009. Earnings per share of $6.93 increased 23 percent versus $5.62 in 2009.

"Our record results in 2010 are a direct reflection of our dedicated team members and the extraordinary service they provided to more than 2 million businesses and institutions during the year," said chairman, president and chief executive officer Jim Ryan. "Our relentless customer focus also paid off for our shareholders, who enjoyed one of the best years in the company's history from a total return perspective."

For the 2010 fourth quarter, the company reported sales of $1.8 billion, an increase of 12 percent compared to $1.6 billion in the 2009 quarter. Net earnings of $132 million increased 36 percent versus $97 million in 2009. Earnings per share of $1.83 increased 44 percent versus $1.27 in 2009.

Sales for the United States segment increased 9 percent in the 2010 fourth quarter versus the prior year. The growth was primarily the result of oil spill-related sales. All customer end markets within the U.S. posted sales growth versus the 2009 fourth quarter, led by strong increases in the reseller and manufacturing customer end markets.

Sales for the Acklands-Grainger business in Canada increased 20 percent, 15 percent in local currency, for the quarter. Strong volume growth during the quarter contributed 12 percentage points to the sales increase, while acquisitions completed during the last 12 months contributed an additional 5 percentage points.

Sales for operations in Japan, Mexico, India, Colombia, China, Puerto Rico and Panama were up 48 percent on a daily basis for the 2010 fourth quarter versus prior year.

Source: Industrial Supply magazine