LAKE FOREST, Ill. (AP) _ W.W. Grainger Inc. (GWW) on Tuesday reported first-quarter earnings of $174.7 million.
On a per-share basis, the Lake Forest, Illinois-based company said it had net income of $2.93. Earnings, adjusted for restructuring gains, were $2.88 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.01 per share.
The seller of maintenance and other supplies posted revenue of $2.54 billion in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $2.56 billion.
W.W. Grainger expects full-year earnings to be $10 to $11.30 per share.
W.W. Grainger shares have fallen 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 5 percent. The stock has declined roughly 5 percent in the last 12 months.