WW Grainger stock was hit hard on Tuesday after releasing its earnings report for the third quarter of 2018.
During the third quarter of the year, WW Grainger (NYSE:GWW) reported revenue of $2.83 billion. This is an increase over its revenue of $2.64 billion reported during the same time last year. However, it was bad news for WW Grainger stock by just missing Wall Street’s revenue estimate of $2.84 billion for the period.
WW Grainger notes that there were a couple of things that kept its revenue from going higher during the second quarter of 2018. This includes foreign exchange rates and the impact of hurricanes on its sales. When adjusting for these, the company says revenue would have increase by 8% from the same time last year, instead of 7%.
WW Grainger’s most recent earnings report also includes earnings per share of $4.19. This is better than the company’s earnings per share of $2.19 reported during the third quarter of 2017. It also beat out analysts’ earnings per share estimate of $3.94 for the quarter, but couldn’t save WW Grainger stock today.
Net income reported by WW Grainger for the third quarter of 2018 came in at $115.05 million. The industrial supply company reported net income of $170.82 million during the same period of the year prior.
WW Grainger also reported operating income of $189.12 million for the third quarter of the year. This is down from the company’s operating income of $277.74 million that was reported in the third quarter of the previous year.
GWW stock was down 13% as of Tuesday morning, but is up 34% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.