Oct 31 (Reuters) - Industrial maintenance and safety products supplier WW Grainger Inc lowered its 2024 profit and revenue forecasts, citing "slow but steady" demand.
The Lake Forest, Illinois-based company now expects 2024 diluted earnings per share of $38 to $39.50, with the midpoint below its earlier estimate of $38.65 to $39.35.
The company revised the lower end of its 2024 net sales forecast to $17 billion, compared with its prior projection of $17.1 billion to $17.3 billion.
The company, which provides hand tools, power tools and industrial products to home improvement retailers, construction businesses and aerospace manufacturers, reported a 4.3% rise in third-quarter sales to $4.39 billion.
WW Grainger reported diluted per-share earnings for the quarter ended Sept. 30 of $9.87, up from $9.43 a year earlier.
Shares of the company, which competes with Fastenal and WESCO , were down 1.7% before the opening bell in light trading.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Devika Syamnath)
((pratyush.thakur@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.