W W Grainger Inc (NYSE:GWW) stock was hit hard today on news that its CFO is retiring.
Ron Jadin, the Senior Vice President and CFO of W W Grainger Inc, will be retiring at the end of the year. He has been a part of the company since 1998 and started serving in the role of CFO since 2008. The company is conducting an external search to find a replacement for Jadin.
GWW stock was down on the news that Jadin is leaving the company, despite positive earnings for the second quarter of 2017. Earnings per share for the quarter came in at $2.74. The company reported earnings per share of $2.89 during the same time last year. Wall Street was expecting earnings per share of $2.65 for the quarter.
GWW stock was likely pulled down a little by its revenue for the second quarter of 2017. This came in at $2.62 billion, which is up from the $2.56 reported in the same time of the year prior. However, it just missed analysts’ revenue estimate of $2.63 for the second quarter of 2017.
W W Grainger Inc also reaffirmed its outlook for 2017 in its most recent earnings report. This includes sales growth ranging from 1% to 4% and earnings per share between $10.00 to $11.30. Wall Street is expecting GWW to report revenue of $10.38 billion and earnings per share of $10.36. Expected earnings per share for 2017 being below estimates also likely didn’t help GWW stock.
GWW stock was down 7% as of noon Wednesday and is down 30% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.