W.W. Grainger Inc. said its first-quarter normalized net income amounted to $2.76 per share, compared with the S&P Capital IQ consensus estimate of $2.99 per share.
EPS decreased 10.2% year over year from $3.08.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $163.6 million, a decline of 14.4% from $191.1 million in the year-earlier period.
The normalized profit margin dropped to 6.4% from 7.6% in the year-earlier period.
Total revenue rose year over year to $2.54 billion from $2.51 billion, and total operating expenses grew on an annual basis to $2.24 billion from $2.17 billion.
Reported net income declined 6.3% on an annual basis to $173.3 million, or $2.93 per share, from $185.0 million, or $2.98 per share.
